6-K
TotalEnergies SE (TTE)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
May 2^nd^, 2023
Commission File Number 001-10888
TotalEnergies SE
(Translation of registrant’s name into English)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
TotalEnergies SE is providing on this Form 6-K a description of certain recent developments relating to its business.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TotalEnergies SE | |||
|---|---|---|---|
| Date: May 2^nd^, 2023 | By: | /s/ MARIE-SOPHIE WOLKENSTEIN | |
| Name: | Marie-Sophie Wolkenstein | ||
| Title: | Company Treasurer |
Exhibit99.1
Disclosure of Transactions in Own Shares
Paris, April 3, 2023 – In accordance with the authorization given by the ordinary shareholders’ general meeting on May 25, 2022 to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) on March 27 and 28, 2023:
| Transaction Date | Total daily volume (number of shares) | Daily weighted average purchase price of shares (EUR/share) | Amount of transactions (EUR) | Market (MIC Code) |
|---|---|---|---|---|
| 27/03/2023 | 344,330 | 51.989170 | 17,901,430.91 | XPAR |
| 27/03/2023 | 120,000 | 51.975263 | 6,237,031.56 | CEUX |
| 27/03/2023 | 15,000 | 51.988069 | 779,821.04 | TQEX |
| 27/03/2023 | 10,000 | 51.985743 | 519,857.43 | AQEU |
| 28/03/2023 | 329,192 | 53.310924 | 17,549,529.69 | XPAR |
| 28/03/2023 | 120,000 | 53.304866 | 6,396,583.92 | CEUX |
| 28/03/2023 | 15,000 | 53.299461 | 799,491.92 | TQEX |
| 28/03/2023 | 10,000 | 53.298093 | 532,980.93 | AQEU |
| Total | 963,522 | 52.636813 | 50,716,727.39 |
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the TotalEnergies website: https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
* * * * *
TotalEnergies contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
Exhibit 99.2
| PRESS<br> RELEASE |
|---|
Iraq: Agreement between Iraq and TotalEnergies
Paris, April 5,2023 – While confirming all the terms of the Development & Production Contract signed in 2021, TotalEnergies and the Iraqi Government have, through exchanges in the past months, including in 4 occasions between Prime Minister Al-Sudani and Chairman & CEO Patrick Pouyanné, jointly defined the necessary conditions and mutual insurances to move forward with the Gas Growth Integrated Project (GGIP).
The Iraqi Government and TotalEnergies have agreed on a 30% stake for the Basrah Oil Company (BOC) in the GGIP. Furthermore, in agreement with the Iraqi Government, TotalEnergies has invited QatarEnergy to take a 25% stake in the GGIP.
The consortium will thus be composed of TotalEnergies (45%), Basrah Oil Company (30%) and QatarEnergy (25%).
TotalEnergies welcomes the continuity of the voice of the State of Iraq on this Development & Production Contract, which is a strong and positive signal for foreign investment in the country.
Signed in September 2021, the GGIP has for main purpose to enhance the development of Iraq’s natural resources to improve the country’s electricity supply.
According to these agreements, TotalEnergies and its partners will invest approximately $10 billion (100% share):
| § | to recover flared gas on three oil fields in order<br>to supply gas to power generation plants, |
|---|---|
| § | to build a seawater treatment plant in order to<br>provide water injection for pressure maintenance to increase regional oil production, as an alternative to the use of fresh water from<br>rivers and aquifers. |
| --- | --- |
Furthermore, TotalEnergies will develop a 1 GW solar power plant to supply electricity to the Basrah regional grid. In agreement with Iraqi authorities, TotalEnergies will invite the Saudi company ACWA Power to join this solar project.
***
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
 <br>@TotalEnergies  TotalEnergies  TotalEnergies  TotalEnergies |
|---|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergiescompany” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that aredirectly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” mayalso be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholdingare separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may containforward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitiveand regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergiesSE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trendscontained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, thatmay affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-languageversion of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF),and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit99.3
| PRESS<br> RELEASE |
|---|
TotalEnergies’Cray Valley Affiliate Sells Three Product Linesto Pacific Avenue Capital Partners
Paris,April 11, 2023 – TotalEnergies has accepted an offer from Pacific Avenue Capital Partners for the acquisition of three product lines (Wingtack®, PolyBD® and Dymalink®) developed by Cray Valley, its resin production and sales affiliate. The transaction includes four production sites in the United States, the Cray Valley Italy affiliate and the portfolio of customers.
The transaction will allow Cray Valley to focus on its global specialty C4 and pure-monomer resin businesses which will continue to be developed by TotalEnergies. Production of the Ricon®, Krasol® and Cleartack® resins will continue at Carling (France), in accordance with the commitments made when the site was restructured in 2013, Grand Junction (US) and Kralupy (Czech Republic).
***
AboutCray Valley
TotalEnergies’ Cray Valley affiliate is a global supplier of specialty chemical additives, hydrocarbon specialty chemicals, and liquid or solid tackifying resins used to make adhesives, rubbers, polymers, coatings and other materials. As a pioneer in the development of these advanced technologies, Cray Valley has already brought hundreds of performance-enhancing products to market for demanding applications in a range of sectors (energy, printing, packaging, construction, tires, electronics, etc.). Cray Valley’s European headquarters, at the Carling Saint-Avold platform, is home to its customer service, a research and development center, and production units. For more information, visit www.crayvalley.com. For more information, visit www.crayvalley.com
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l
@TotalEnergiesPR Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
| <br>@TotalEnergies TotalEnergies TotalEnergies TotalEnergies |
|---|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergiescompany” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that aredirectly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” mayalso be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholdingare separate legal entities. This document may contain forward-looking information and statements that are based on a number of economicdata and assumptions made in a given economic, competitive and
regulatory environment. They may prove to beinaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes anyobligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether asa result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financialresults or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed byTotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filedwith the United States Securities and Exchange Commission (SEC).
Exhibit 99.4
| PRESS RELEASE |
|---|
India: Delivery of the First Cargoto the Dhamra LNG terminal
Paris, April 17,2023 – TotalEnergies announces the delivery of a first liquefied natural gas (LNG) cargo to the Dhamra LNG terminal, located in the state of Odisha on the east coast of India and owned and operated by Adani Total Private Limited (ATPL), a 50-50 joint venture between TotalEnergies and Adani. This delivery enables the gradual commissioning of the terminal, which is expected to start commercial operations at the end of May 2023.
With regasification capacity of 5 million metric tons of LNG per year, the Dhamra LNG terminal adds more than 10% to India’s regasification capacity, strengthening the country’s position as the world's fifth largest LNG importer and allowing it to increase the share of natural gas in its energy mix from 8% to 15% by 2030 to reduce its carbon intensity.
"We are pleased to have completed the first delivery of LNG to the new Dhamra LNG terminal, developed in partnership with Adani, with a cargo from Qatar. India wants to develop the use of natural gas to reduce the carbon intensity of its energy mix by replacing coal, and LNG can therefore meet growing domestic demand. The commissioning of the Dhamra terminal reflects TotalEnergies' ambition to support India’s energy transition and supply security,” said Thomas Maurisse, Senior Vice President LNG at TotalEnergies.
***
TotalEnergies, the world’s third largestLNG player
TotalEnergies is the world’s third largest LNG player with a market share of around 12% and a global portfolio of about 50 Mt/y thanks to its interests in liquefaction plants in all geographies. The Company benefits from an integrated position across the LNG value chain, including production, transportation, access to more than 20 Mt/y of regasification capacity in Europe, trading, and LNG bunkering. TotalEnergies’ ambition is to increase the share of natural gas in its sales mix to close to 50% by 2030, to reduce carbon emissions and eliminate methane emissions associated with the gas value chain, and to work with local partners to promote the transition from coal to natural gas.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
 <br> @TotalEnergies  <br> TotalEnergies  TotalEnergies  <br> TotalEnergies |
|---|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergiescompany” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that aredirectly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” mayalso be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholdingare separate legal entities. This document may contain forward-looking information and statements that are based on a number of economicdata and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future andare subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publiclyany forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activitiesis provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE withthe French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United StatesSecurities and Exchange Commission (SEC).
Exhibit99.5
Disclosure of Transactions in Own Shares
Paris, April 17, 2023 – In accordance with the authorization given by the ordinary shareholders’ general meeting on May 25, 2022 to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from April 11 to April 14, 2023:
| Transaction Date | Total daily volume (number of shares) | Daily weighted average purchase price of shares (EUR/share) | Amount of transactions (EUR) | Market (MIC Code) |
|---|---|---|---|---|
| 11/04/2023 | 406,171 | 58.232017 | 23,652,156.64 | XPAR |
| 11/04/2023 | 120,000 | 58.229607 | 6,987,552.82 | CEUX |
| 11/04/2023 | 15,000 | 58.230315 | 873,454.72 | TQEX |
| 11/04/2023 | 10,000 | 58.220103 | 582,201.03 | AQEU |
| 12/04/2023 | 400,708 | 58.724620 | 23,531,425 | XPAR |
| 12/04/2023 | 120,000 | 58.718022 | 7,046,163 | CEUX |
| 12/04/2023 | 15,000 | 58.717656 | 880,765 | TQEX |
| 12/04/2023 | 10,000 | 58.703792 | 587,038 | AQEU |
| 13/04/2023 | 399,023 | 58.408584 | 23,306,368 | XPAR |
| 13/04/2023 | 120,000 | 58.402598 | 7,008,312 | CEUX |
| 13/04/2023 | 15,000 | 58.402907 | 876,044 | TQEX |
| 13/04/2023 | 10,000 | 58.410345 | 584,103 | AQEU |
| 14/04/2023 | 395,695 | 58.543247 | 23,165,270 | XPAR |
| 14/04/2023 | 120,000 | 58.543078 | 7,025,169 | CEUX |
| 14/04/2023 | 15,000 | 58.540357 | 878,105 | TQEX |
| 14/04/2023 | 10,000 | 58.557076 | 585,571 | AQEU |
| Total | 2,181,597 | 58.475373 | 127,569,698.26 |
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the TotalEnergies website:
https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
* * * * *
TotalEnergies contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
Exhibit99.6
Disclosure of Transactions in Own Shares
Paris, April 24, 2023 – In accordance with the authorization given by the ordinary shareholders’ general meeting on May 25, 2022 to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from April 17 to April 21, 2023:
| Transaction Date | Total daily volume (number of shares) | Daily weighted average purchase price of shares (EUR/share) | Amount of transactions (EUR) | Market (MIC Code) |
|---|---|---|---|---|
| 17/04/2023 | 393,188 | 59.222939 | 23,285,748.94 | XPAR |
| 17/04/2023 | 120,000 | 59.223108 | 7,106,772.96 | CEUX |
| 17/04/2023 | 15,000 | 59.218168 | 888,272.52 | TQEX |
| 17/04/2023 | 10,000 | 59.242354 | 592,423.54 | AQEU |
| 18/04/2023 | 399,648 | 58.569230 | 23,407,075.63 | XPAR |
| 18/04/2023 | 120,000 | 58.566913 | 7,028,029.56 | CEUX |
| 18/04/2023 | 15,000 | 58.567259 | 878,508.89 | TQEX |
| 18/04/2023 | 10,000 | 58.575931 | 585,759.31 | AQEU |
| 19/04/2023 | 387,613 | 58.038566 | 22,496,503 | XPAR |
| 19/04/2023 | 122,284 | 58.026042 | 7,095,657 | CEUX |
| 19/04/2023 | 23,033 | 58.027652 | 1,336,551 | TQEX |
| 19/04/2023 | 18,691 | 58.021103 | 1,084,472 | AQEU |
| 20/04/2023 | 414,499 | 57.760154 | 23,941,526 | XPAR |
| 20/04/2023 | 114,068 | 57.772809 | 6,590,029 | CEUX |
| 20/04/2023 | 21,701 | 57.749860 | 1,253,230 | TQEX |
| 20/04/2023 | 15,847 | 57.753191 | 915,215 | AQEU |
| 21/04/2023 | 393,707 | 57.684592 | 22,710,828 | XPAR |
| 21/04/2023 | 105,123 | 57.653148 | 6,060,672 | CEUX |
| 21/04/2023 | 42,512 | 57.657127 | 2,451,120 | TQEX |
| 21/04/2023 | 24,015 | 57.653820 | 1,384,556 | AQEU |
| Total | 2,765,929 | 58.241896 | 161,092,949.03 |
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the TotalEnergies website:
https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
* * * * *
TotalEnergies contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
Exhibit99.7
| PRESS RELEASE |
|---|
Canada: TotalEnergies accepts an offer from Suncorfor its oil sands assets
TotalEnergies will distribute to its shareholdersat least 40% of the cash-flow in 2023
Paris, April 27,2023 – Following the announcement of its project to spin-off its Canadian assets, TotalEnergies received several unsolicited offers among which an offer from Suncor Energy Inc. for the acquisition of the entirety of the shares of TotalEnergies EP Canada Ltd; this offer materialized over the last month.
Per the signed agreement, Suncor would acquire the entirety of the shares of TotalEnergies EP Canada Ltd for a consideration including a C$5.5 billion cash payment at closing (about US$4.1 billion) and additional payments that could reach a maximum of C$600 million (about US$450 million) under specific conditions.
This amount is comparable to the C$5 to 6 billion valuation at initial listing of the spin-off company had the spin-off project concluded, as estimated by TotalEnergies’ financial advisors.
TotalEnergies’ Board of Directors has therefore considered this transaction, more straightforward in its execution than the planned spin-off, competitive enough to represent an alternative for the benefit of the Company and its shareholders and has decided to follow it up on the basis of the offer.
The transaction is subject to the waiver of TotalEnergies EP Canada Ltd’s partners pre-emption rights and customary closing conditions, notably the required approval from public authorities. TotalEnergies and Suncor target closing by end 3^rd^ quarter 2023.
Taking into account the future proceeds of this divestment, the Board of Directors has decided to allocate at least 40% of the cash flow (CFFO) generated by TotalEnergies in 2023 to its shareholders (at the high end of the 35-40% guidance announced in 2022), either through share buybacks or a special dividend distribution. The Board of Directors will make this decision upon transaction closing, after dialog with shareholders.
***
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
| <br> @TotalEnergies <br> TotalEnergies TotalEnergies <br> TotalEnergies |
|---|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergiescompany” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that aredirectly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” mayalso be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholdingare separate legal entities. This document may contain forward-looking information and statements that are based on a number of economicdata and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future andare subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publiclyany forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activitiesis provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE withthe French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United StatesSecurities and Exchange Commission (SEC).
Exhibit 99.8
| PRESS RELEASE<br>1<br>First quarter 2023 results<br>TotalEnergies once again demonstrates its ability to generate strong results<br>in a softening oil & gas price environment<br>As part of its multi-energy strategy, TotalEnergies presents for the first time<br>the results of the Integrated Power segment<br>12<br>Paris, April 27, 2023 – The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met<br>on April 26, 2023, to approve the first quarter 2023 financial statements. On the occasion, Patrick Pouyanné<br>said:<br>“TotalEnergies once again demonstrates its ability to generate strong results, posting in the first quarter 2023<br>adjusted net income of $6.5 billion, cash flow of $9.6 billion, and return on average capital employed of 25%, in an<br>environment of lower oil and gas prices. IFRS net income was $5.6 billion for the quarter.<br>In an environment with Brent prices averaging $81/b, Exploration & Production generated adjusted net operating<br>income of $2.7 billion and cash flow of $4.9 billion with production growth of 2% compared to the previous quarter*,<br>benefiting in particular from the start-up of gas production on Block 10 in Oman and the acquisition of a 20% interest<br>in the SARB / Umm Lulu oil fields in the United Arab Emirates.<br>Integrated LNG delivered adjusted net operating income and cash flow of $2.1 billion, leveraging its integrated global<br>portfolio, in an environment of European and Asian gas prices returning to levels close to Brent parity at $16-17/Mbtu,<br>given the mild winter and high inventories in Europe. The Company launched this quarter the integrated engineering<br>studies (FEED) on the Papua LNG project, which will contribute to the future growth of the LNG portfolio.<br>The Integrated Power segment generated adjusted net operating income and cash flow of $0.4 billion in the first<br>quarter. ROACE was nearly 10% over 12 months, confirming the Company's ability to profitably grow this business.<br>TotalEnergies closed this quarter the acquisition of a 34% interest in Casa Dos Ventos in Brazil, contributing to the<br>growth of its installed renewable power generation capacity to 18 GW.<br>Downstream posted adjusted net operating income of $1.9 billion and cash flow of $2.2 billion, benefiting from strong<br>refining margins. TotalEnergies announced the sale for €3.1 billion to Alimentation Couche-Tard of its retail networks<br>in Germany and the Netherlands as well as a 40%/60% partnership with them to operate the stations in Belgium<br>and Luxembourg.<br>Given these strong results, the Board of Directors confirmed the increase of 7.25% in the first interim dividend for the<br>2023 financial year, to €0.74 per share, as well as the repurchase of up to $2 billion of shares in the second quarter<br>of 2023."<br>(1) Definition on page 3.<br>(2) Excluding leases.<br>* Restated for the production related to TotalEnergies’ stake in Novatek.<br>1Q23 4Q22 Change<br>vs 4Q22 1Q22 Change<br>vs 1Q22<br> Net income (TotalEnergies share) (B$) 5.6 3.3 +70% 4.9 +12%<br> Adjusted net income (TotalEnergies share)(1)<br>- in billions of dollars (B$) 6.5 7.6 -13% 9.0 -27%<br>- in dollars per share 2.61 2.97 -12% 3.40 -23%<br> Adjusted EBITDA(1) (B$) 14.2 16.0 -11% 17.4 -19%<br> DACF(1) (B$) 9.8 9.4 +4% 12.0 -19%<br> Cash Flow from operations (B$) 5.1 5.6 -9% 7.6 -33%<br>Net-debt-to-capital ratio(2) of 11.5% at March 31, 2023 vs. 7.0% at December 31, 2022<br>First 2023 interim dividend set at 0.74 €/share |
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| 2<br>1. Highlights(3)<br>Social and environmental responsibility<br> Publication of the Sustainability & Climate – 2023 Progress Report presenting the progress made on<br>TotalEnergies’ transformation strategy and the update of its climate ambition<br> TotalEnergies ranked Number 2 in employee share ownership in Europe according to the report of the<br>European Federation of Employee Share Ownership<br> TotalEnergies guarantees customers that its fuel price will not exceed 1.99 €/l in its stations in France<br>Upstream<br> Acquisition of CEPSA's upstream assets in the United Arab Emirates, representing a share of 50 kboe/d<br> Agreement with the Iraqi Government to move forward with the multi-energy project in Iraq<br> Launch of the Lapa South-West project in Brazil<br>Downstream<br> Sale to Alimentation Couche-Tard of retail networks in Germany and the Netherlands and 40%/60%<br>partnership in Belgium and Luxembourg<br> Agreement with waste recycling company Paprec to develop chemical plastic recycling projects in France<br> Creation of a joint venture with Air Liquide to develop a network of more than 100 hydrogen stations for<br>trucks in Europe<br>Integrated LNG<br> Production start-up on Block 10 and signed a long-term LNG contract for 0.8 Mt/year in Oman<br> Launch of Papua LNG Integrated Engineering Studies in Papua New Guinea<br> Delivery of the first LNG cargo to the Dhamra LNG terminal in India<br> Commissioning of the floating LNG regasification terminal in Lubmin, Germany<br> Authorization by the French and European authorities for the installation of the floating LNG regasification<br>terminal in Le Havre in France<br>Integrated Power<br> Closing of the acquisition of a 34% interest in Casa dos Ventos, leading renewable developer in Brazil<br> Acquisition from Corio Generation a 50% interest (minus 10 shares) in the 600 MW Formosa 3 offshore<br>wind project in Taiwan<br> Signature of renewable power purchase agreements with Sasol and Air Liquide in South Africa<br>Decarbonization & new molecules<br> Acquisition of PGB, Poland's leading biogas producer<br> Entry on two permits for the storage of CO2 in the North Sea, Denmark<br>(3) Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent<br>under the terms of the agreements. |
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| 3<br>2. Key figures from TotalEnergies’ consolidated financial statements(4)<br>* Average €-$ exchange rate: 1.0730 in the first quarter 2023, 1.0205 in the fourth quarter 2022 and 1.1217 in the first quarter 2022.<br>(4) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment<br>items are on page 19.<br>(5) Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) corresponds to the adjusted earnings before depreciation, depletion<br>and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution<br>of equity affiliates to net income.<br>(6) Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from<br>investments – impairment of goodwill + tax on adjusted net operating income).<br>(7) In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual<br>subordinated bonds.<br>(8) Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.<br>(9) Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interests (see page 21).<br>(10) Net investments = organic investments + net acquisitions (see page 21).<br>(11) Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement<br>cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts and including capital gains from renewable projects sale.<br> The inventory valuation effect is explained on page 25. The reconciliation table for different cash flow figures is on page 21.<br>(12) DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.<br>In millions of dollars, except effective tax rate,<br>earnings per share and number of shares 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Adjusted EBITDA (5) 14,167 15,997 -11% 17,424 -19%<br>Adjusted net operating income from business segments 6,993 8,238 -15% 9,458 -26%<br>Exploration & Production 2,653 3,528 -25% 5,015 -47%<br>Integrated LNG 2,072 2,408 -14% 3,133 -34%<br>Integrated Power 370 481 -23% (82) ns<br>Refining & Chemicals 1,618 1,487 +9% 1,120 +44%<br>Marketing & Services 280 334 -16% 272 +3%<br>Contribution of equity affiliates to adjusted net income 1,079 1,873 -42% 1,861 -42%<br>Effective tax rate (6) 41.4% 41.4% 38.7%<br>Adjusted net income (TotalEnergies share) 6,541 7,561 -13% 8,977 -27%<br>Adjusted fully-diluted earnings per share (dollars) (7) 2.61 2.97 -12% 3.40 -23%<br>Adjusted fully-diluted earnings per share (euros)* 2.43 2.93 -17% 3.03 -20%<br>Fully-diluted weighted-average shares (millions) 2,479 2,522 -2% 2,614 -5%<br>Net income (TotalEnergies share) 5,557 3,264 +70% 4,944 +12%<br>Organic investments (8) 3,433 3,935 -13% 1,981 +73%<br>Net acquisitions (9) 2,987 (133) ns 922 x3.2<br>Net investments (10) 6,420 3,802 +69% 2,903 x2.2<br>Operating cash flow before working capital changes (11) 9,621 9,135 +5% 11,626 -17%<br>Operating cash flow before working capital changes<br>w/o financial charges (DACF) (12) 9,774 9,361 +4% 11,995 -19%<br>Cash flow from operations 5,133 5,618 -9% 7,617 -33% |
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| 4<br>3. Key figures of environment, greenhouse gas emissions and production<br>3.1 Environment* – liquids and gas price realizations, refining margins<br>* The indicators are shown on page 26.<br>** This indicator represents TotalEnergies’ average margin on variable cost for refining in Europe (equal to the difference between TotalEnergies European<br>refined product sales and crude oil purchases with associated variable costs divided by volumes refined in tons).<br>3.2 Greenhouse gas emissions(13)<br>Estimated 1Q23 emissions.<br>Scope 1+2 emissions from operated installations were down in the first quarter 2023, as a result of the<br>decrease in the use of gas-fired power plants in a context of lower demand in Europe and given the decline in<br>flaring on Exploration & Production facilities.<br>Estimated 1Q23 emissions.<br>(13) The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential)<br>as described in the 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and<br>are therefore not counted.<br>(14) Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included<br>in the scope of reporting (as defined in the Company’s 2022 Universal Registration Document) and indirect emissions attributable to brought-in energy<br>(electricity, heat, steam), excluding purchased industrial gases (H2).<br>(15) TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the use by customers of energy<br>products, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which<br>comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil, biofuels<br>and gas value chains, i.e., the higher of the two production volumes or sales to end customers. The highest point for each value chain for 2023 will be<br>evaluated considering realizations over the full year, TotalEnergies gradually providing quarterly estimates.<br>1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Brent ($/b) 81.2 88.8 -9% 102.2 -21%<br>Henry Hub ($/Mbtu) 2.7 6.1 -55% 4.6 -40%<br>NBP ($/Mbtu) 16.1 32.3 -50% 32.3 -50%<br>JKM ($/Mbtu) 16.5 30.5 -46% 31.1 -47%<br>Average price of liquids ($/b)<br>Consolidated subsidiaries 73.4 80.6 -9% 90.1 -19%<br>Average price of gas ($/Mbtu)<br>Consolidated subsidiaries 8.89 12.74 -30% 12.27 -28%<br>Average price of LNG ($/Mbtu)<br>Consolidated subsidiaries and equity affiliates 13.27 14.83 -11% 13.60 -2%<br>Variable cost margin - Refining Europe, VCM ($/t)** 87.8 73.6 +19% 46.3 +90%<br>GHG emissions (MtCO2e) 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Scope 1+2 from operated facilities (14) 9.1 10.1 -10% 9.6 -6%<br>of which Oil & Gas 7.6 8.3 -8% 7.9 -4%<br>of which CCGT 1.5 1.8 -17% 1.7 -15%<br>Scope 1+2 - equity share 12.8 14.7 -13% 14.0 -9%<br>Methane emissions (ktCH4<br>) 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Methane emissions from operated facilities 9 11 -17% 10 -8%<br>Methane emissions - equity share 11 10 +12% 12 -7%<br>Scope 3 emissions (MtCO2e) 1Q23 2022<br>Scope 3 from Oil, Biofuels and Gas Worldwide (15) est. 90 389 |
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| 5<br>3.3 Production*<br>* Company production = E&P production + Integrated LNG production.<br>Hydrocarbon production was 2,524 thousand barrels of oil equivalent per day (kboe/d) in the first quarter of<br>2023, up 1% year-on-year (excluding Novatek), comprised of:<br> +4% due to start-ups and ramp-ups, notably Mero 1 in Brazil and Ikike in Nigeria,<br> +1% due to the increase in OPEC+ production quotas,<br> -1% portfolio effect, notably related to the end of the Bongkot operating licenses in Thailand, the exit<br>from Termokarstovoye and Kharyaga in Russia and the effective withdrawal from Myanmar, partially<br>offset by the entry into the producing fields of Sépia and Atapu in Brazil and SARB / Umm Lulu in the<br>United Arab Emirates, as well as the increased participation in the Waha concessions in Libya,<br> -3% due to the natural decline of the fields.<br>Production was up 2% quarter-on-quarter (excluding Novatek), benefiting in particular from the start-up of gas<br>production from Block 10 in Oman, the acquisition of an interest in the SARB / Umm Lulu oil fields in the United<br>Arab Emirates, and the ramp-up of Johan Sverdrup Phase 2 project in Norway.<br>Hydrocarbon production 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Hydrocarbon production (kboe/d) 2,524 2,812 -10% 2,843 -11%<br>Oil (including bitumen) (kb/d) 1,398 1,357 +3% 1,305 +7%<br>Gas (including condensates and associated NGL) (kboe/d) 1,126 1,455 -23% 1,538 -27%<br>Hydrocarbon production (kboe/d) 2,524 2,812 -10% 2,843 -11%<br>Liquids (kb/d) 1,562 1,570 - 1,527 +2%<br>Gas (Mcf/d) 5,191 6,681 -22% 7,162 -28%<br>Hydrocarbon production excluding Novatek (kboe/d) 2,524 2,475 +2% 2,508 +1% |
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| 6<br>4. Analysis of business segments<br>4.1 Integrated LNG<br>4.1.1 Production<br>* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.<br>Hydrocarbon production for LNG was up 7% year-on-year (excluding Novatek), due to the restart of Snøhvit<br>in Norway during the second quarter 2022.<br>Overall LNG sales in the first quarter of 2023 were down 17% year-on-year, mainly as a result of lower spot<br>volumes, linked to lower demand for LNG in Europe due to the mild winter weather and high inventories.<br>Hydrocarbon production for LNG 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Integrated LNG (kboe/d) 463 503 -8% 492 -6%<br>Liquids (kb/d) 62 58 +6% 60 +3%<br>Gas (Mcf/d) 2,179 2,420 -10% 2,349 -7%<br>Integrated LNG excluding Novatek (kboe/d) 463 445 +4% 433 +7%<br>Liquefied Natural Gas in Mt 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Overall LNG sales 11.0 12.7 -13% 13.3 -17%<br>incl. Sales from equity production* 4.0 4.4 -11% 4.4 -11%<br>incl. Sales by TotalEnergies from equity production and third party<br>purchases 9.9 11.4 -14% 11.9 -17% |
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| 7<br>4.1.2 Results<br>* Detail of adjustment items shown in the business segment information annex to financial statements.<br>** Excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value.<br>*** Excluding financial charges, except those related to leases.<br>Integrated LNG adjusted net operating income was $2,072 million in the first quarter 2023:<br> down 10% quarter-on-quarter (excluding Novatek), mainly due to lower hydrocarbon prices;<br> down 25% year-on-year (excluding Novatek) due to lower LNG sales and prices, as well as exceptional<br>trading results in the first quarter of 2022.<br>Operating cash flow before working capital changes for Integrated LNG was $2,081 million in the first quarter<br>2023:<br> down 23% quarter-on-quarter (excluding Novatek), due to lower prices and a lag effect on dividend<br>payments received from equity affiliates;<br> down 16% year-on-year (excluding Novatek), due to lower prices.<br>Cash flow from operations was $3,536 million for the quarter, linked to the positive impact on working capital<br>of the decrease in margin calls and receivables.<br>In millions of dollars 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Adjusted net operating income* 2,072 2,408 -14% 3,133 -34%<br>including adjusted income from equity affiliates 786 1,213 -35% 1,404 -44%<br>Organic investments 396 195 x2 (61) ns<br>Net acquisitions 759 19 x39.9 (20) ns<br>Net investments 1,155 214 x5.4 (81) ns<br>Operating cash flow before working capital changes ** 2,081 2,688 -23% 2,492 -16%<br>Cash flow from operations *** 3,536 134 x26.4 2,219 +59% |
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| 8<br>4.2 Integrated Power<br>4.2.1 Capacities, productions, clients and sales<br>(1) Includes 20% of Adani Green Energy Ltd’s gross capacity effective first quarter 2021, 50% of Clearway Energy Group’s gross capacity effective third<br>quarter 2022 and 49% of Casa dos Ventos’ gross capacity effective first quarter 2023.<br>(2) End of period data.<br>(3) Solar, wind, hydroelectric and combined-cycle gas turbine (CCGT) plants.<br>Gross installed renewable power generation capacity was close to 18 GW at the end of the first quarter 2023,<br>up by more than 1 GW quarter-on-quarter, including 0.6 GW from the acquisition of an interest in the Casa<br>dos Ventos portfolio of renewable projects in Brazil and the connection of 0.3 GW from the Seagreen offshore<br>wind project in the UK.<br>Net electricity generation was 8.4 TWh in the quarter:<br> up 10% year-on-year, due to growing electricity generation from renewables, offsetting the lower<br>generation from flexible capacity,<br> down 11% quarter-on-quarter due to lower flexible capacity generation in the context of lower demand,<br>partially offset by growing renewable power generation.<br>Integrated Power 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br> vs<br>1Q22<br>Portfolio of renewable power generation gross capacity (GW) (1),(2) 70.4 69.0 +2% 46.8 +50%<br>o/w installed capacity 17.9 16.8 +7% 10.7 +68%<br>o/w capacity in construction 6.2 6.1 +1% 6.1 +2%<br>o/w capacity in development 46.3 46.0 +1% 30.1 +54%<br>Portfolio of renewable power generation net capacity (GW) (2) 44.4 45.5 -2% 34.4 +29%<br>o/w installed capacity 8.4 7.7 +9% 5.4 +55%<br>o/w capacity in construction 4.0 4.1 -2% 4.2 -3%<br>o/w capacity in development 32.0 33.6 -5% 24.8 +29%<br>Gas-fired power generation gross installed capacity (GW) (2) 5.8 5.8 - 5.8 -<br>Gas-fired power generation net installed capacity (GW) (2) 4.3 4.3 - 4.5 -5%<br>Net power production (TWh) (3) 8.4 9.4 -11% 7.6 +10%<br>incl. power production from renewables 3.8 3.3 +16% 2.2 +72%<br>Clients power - BtB and BtC (Million) (2) 6.0 6.1 -2% 6.1 -1%<br>Clients gas - BtB and BtC (Million) (2) 2.8 2.7 - 2.7 +1%<br>Sales power - BtB and BtC (TWh) 15.5 14.6 +6% 16.3 -5%<br>Sales gas - BtB and BtC (TWh) 37.3 28.1 +33% 35.0 +7% |
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| 9<br>4.2.2 Results<br>* Detail of adjustment items shown in the business segment information annex to financial statements.<br>** Excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and<br>including capital gains on the sale of renewable projects.<br>*** Excluding financial charges, except those related to leases. Excluding margin calls, reported in the Integrated LNG segment since the implementation<br>in 2022 of its centralized management.<br>Integrated Power adjusted net operating income was $370 million in the first quarter 2023:<br> up significantly year-on-year, due to the contribution from gas-fired power plants and the performance<br>of power trading, which offset the impact of seasonality in the power marketing business,<br> down 23% quarter-on-quarter, notably due to the impact of seasonality in the power marketing<br>business.<br>Cash flow from operations was ($1,285) million in the first quarter 2023, mainly due to the negative impact on<br>working capital of the seasonality of the power & gas marketing business (gap between a seasonal monthly<br>cost of supply and a fixed monthly B2C clients payment estimated on the year-n-1 consumption).<br>In millions of dollars 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Adjusted net operating income* 370 481 -23% (82) ns<br>including adjusted income from equity affiliates 56 88 -36% 26 x2.2<br>Organic investments 577 455 +27% 319 +81%<br>Net acquisitions 519 (230) ns 661 -22%<br>Net investments 1,096 225 x4.9 980 +12%<br>Operating cash flow before working capital changes ** 440 439 - 93 x4.7<br>Cash flow from operations *** (1,285) 861 ns (1,904) ns |
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| 10<br>4.3 Exploration & Production<br>4.3.1 Production<br>4.3.2 Results<br>* Details on adjustment items are shown in the business segment information annex to financial statements.<br>** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments -<br>impairment of goodwill + tax on adjusted net operating income).<br>*** Excluding financial charges, except those related to leases.<br>Exploration & Production adjusted net operating income was $2,653 million in the first quarter 2023:<br> down 22% quarter-on-quarter (excluding Novatek), due to lower oil and gas prices,<br> down 45% year-on-year (excluding Novatek) for the same reasons, as well as higher taxation,<br>particularly in the UK.<br>Operating cash flow before working capital changes in the first quarter 2023 was $4,907 million, down 3%<br>quarter-on-quarter (excluding Novatek), reflecting lower gas and oil prices in the first quarter 2023 and<br>exceptional taxes during the fourth quarter 2022, notably taxes related to the European solidarity contribution.<br>Hydrocarbon production 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>EP (kboe/d) 2,061 2,309 -11% 2,351 -12%<br>Liquids (kb/d) 1,500 1,512 -1% 1,467 +2%<br>Gas (Mcf/d) 3,012 4,261 -29% 4,813 -37%<br>EP excluding Novatek (kboe/d) 2,061 2,030 +2% 2,075 -1%<br>In millions of dollars, except effective tax rate 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Adjusted net operating income* 2,653 3,528 -25% 5,015 -47%<br>including adjusted income from equity affiliates 135 316 -57% 355 -62%<br>Effective tax rate** 57.1% 54.4% 47.0%<br>Organic investments 2,134 2,219 -4% 1,426 +50%<br>Net acquisitions 1,938 105 x18.5 316 x6.1<br>Net investments 4,072 2,324 +75% 1,742 x2.3<br>Operating cash flow before working capital changes *** 4,907 4,988 -2% 7,303 -33%<br>Cash flow from operations *** 4,536 4,035 +12% 5,768 -21% |
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| 11<br>4.4 Downstream (Refining & Chemicals and Marketing & Services)<br>4.4.1 Results<br>* Detail of adjustment items shown in the business segment information annex to financial statements.<br>** Excluding financial charges, except those related to leases.<br>4.5 Refining & Chemicals<br>4.5.1 Refinery and petrochemicals throughput and utilization rates<br>* Includes refineries in Africa reported in the Marketing & Services segment.<br>** Based on distillation capacity at the beginning of the year.<br>* Olefins.<br>** Based on olefins production from steam crackers and their treatment capacity at the start of the year.<br>Refined volumes were up 6% year-on-year, notably due to the restart of the Donges refinery in France in the<br>second quarter 2022.<br>Petrochemical production was down 8% year-on-year for monomers and 13% for polymers, due to slowing<br>global demand.<br>In millions of dollars 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Adjusted net operating income* 1,898 1,821 +4% 1,392 +36%<br>Organic investments 290 1,023 -72% 292 -1%<br>Net acquisitions (229) (28) ns (34) ns<br>Net investments 61 995 -94% 258 -76%<br>Operating cash flow before working capital changes ** 2,189 1,681 +30% 1,896 +15%<br>Cash flow from operations ** (1,524) 939 ns 2,005 ns<br>Refinery throughput and utilization rate* 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Total refinery throughput (kb/d) 1,403 1,389 +1% 1,317 +6%<br>France 357 312 +14% 252 +42%<br>Rest of Europe 596 580 +3% 605 -1%<br>Rest of world 450 497 -10% 460 -2%<br>Utlization rate based on crude only** 78% 77% 74%<br>Petrochemicals production and utilization rate 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Monomers* (kt) 1,295 1,095 +18% 1,404 -8%<br>Polymers (kt) 1,111 917 +21% 1,274 -13%<br>Steamcracker utilization rate** 75% 66% 86% |
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| 12<br>4.5.2 Results<br>* Detail of adjustment items shown in the business segment information annex to financial statements.<br>** Excluding financial charges, except those related to leases.<br>Refining & Chemicals adjusted net operating income was $1,618 million in the first quarter 2023:<br> up 9% quarter-on-quarter, due to strong margins,<br> up 44% year-on-year for the same reason as well as higher refined volumes.<br>Operating cash flow before working capital changes was $1,733 million in the first quarter of 2023, up 51%<br>quarter-on-quarter, taking into account the fourth quarter 2022 negative impact of the European solidarity<br>contribution for refining activities of $0.7 billion.<br>Cash flow from operations was ($851) million in the first quarter of 2023, due to the negative impact on working<br>capital of an increase in inventories linked to strikes in France in March.<br>In millions of dollars 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Adjusted net operating income* 1,618 1,487 +9% 1,120 +44%<br>Organic investments 198 585 -66% 197 +1%<br>Net acquisitions 5 (5) ns - ns<br>Net investments 203 580 -65% 197 +3%<br>Operating cash flow before working capital changes ** 1,733 1,144 +51% 1,433 +21%<br>Cash flow from operations ** (851) 232 ns 1,107 ns |
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| 13<br>4.6 Marketing & Services<br>4.6.1 Petroleum product sales<br>* Excludes trading and bulk refining sales.<br>In the first quarter 2023, sales of petroleum products were down 6% quarter-on-quarter and year-on-year, due<br>to lower industrial demand in Europe linked to higher prices for petroleum products, partially offset by the<br>recovery in aviation activities.<br>4.6.2 Results<br>* Detail of adjustment items shown in the business segment information annex to financial statements.<br>** Excluding financial charges, except those related to leases.<br>Marketing & Services adjusted net operating income was $280 million in the first quarter 2023, up 3% year-on-year, mainly thanks to the strong performance of the retail network activities.<br>Cash flow from operations was ($673) million in the first quarter of 2023, due to the negative impact of lower<br>prices on working capital.<br>Sales in kb/d* 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Total Marketing & Services sales 1,360 1,450 -6% 1,452 -6%<br>Europe 757 816 -7% 790 -4%<br>Rest of world 602 634 -5% 662 -9%<br>In millions of dollars 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Adjusted net operating income* 280 334 -16% 272 +3%<br>Organic investments 92 438 -79% 95 -3%<br>Net acquisitions (234) (23) ns (34) ns<br>Net investments (142) 415 ns 61 ns<br>Operating cash flow before working capital changes ** 456 537 -15% 463 -2%<br>Cash flow from operations ** (673) 707 ns 898 ns |
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| 14<br>5. TotalEnergies results<br>5.1 Adjusted net operating income from business segments<br>Adjusted net operating income from business segments was $6,993 million in the first quarter 2023, compared<br>to $9,458 million in the first quarter of 2022, mainly due to lower oil and gas prices.<br>5.2 Adjusted net income (TotalEnergies share)<br>TotalEnergies adjusted net income was $6,541 million in the first quarter 2023 versus $8,977 million in the first<br>quarter of 2022, mainly due to lower oil and gas prices.<br>Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair<br>value(16)<br>..<br>Adjustments to net income(17) were ($984) million in the first quarter 2023, consisting mainly of:<br> ($0.4) billion of inventory effect,<br> ($0.4) billion effects of changes in fair value,<br> ($0.2) billion related to the impacts of the European solidarity contribution and the inframarginal income<br>contribution in France.<br>TotalEnergies’ average tax rate of 41.4% in the first quarter 2023 was stable compared to the previous quarter,<br>versus 38.7% in the first quarter 2022, mainly as a result of the higher tax rate for Exploration & Production,<br>related notably to the Energy Profits Levy in the UK.<br>5.3 Adjusted earnings per share<br>Adjusted diluted net earnings per share were $2.61 in the first quarter 2023, based on 2,479 million weighted<br>average diluted shares, compared to $3.40 a year earlier.<br>As of March 31, 2023, the number of diluted shares was 2,468 million.<br>As part of its shareholder return policy, TotalEnergies repurchased 32.2 million shares for cancellation in the<br>first quarter of 2023 for $2 billion.<br>5.4 Acquisitions - asset sales<br>Acquisitions were $3,256 million in the first quarter 2023, notably for:<br> the acquisition of a 20% interest in the SARB/ Umm Lulu concession in the United Arab Emirates,<br> payments related to the acquisition of a 6.25% stake in the NFE LNG project in Qatar,<br> a 34% stake in a joint venture with Casa dos Ventos in Brazil.<br>Divestments were $269 million in the first quarter 2023, mainly related to the sale of 50% of the Marketing &<br>Services subsidiary in Egypt.<br>5.5 Net cash flow<br>TotalEnergies' net cash flow(18) was $3,201 million in the first quarter 2023 compared to $8,723 million a year<br>earlier, given the $2,005 million decrease in cash flow and the $3,517 million increase in net investments to<br>$6,420 million this quarter.<br>In the first quarter, cash flow from operations was $5,133 million compared to $9,621 million of operating cash<br>flow before working capital changes, reflecting the $4.5 billion increase in working capital requirements, mainly<br>due to the effects of lower prices on tax and trade payables, higher crude and petroleum product inventories<br>notably due to the strikes in France, and the seasonality of the gas and power marketing business.<br>(16) These adjustment elements are explained page 25.<br>(17) Total net income adjustment items are detailed page 19 as well as in the annexes to the accounts.<br>(18) Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interest). |
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| 15<br>5.6 Profitability<br>Return on equity was 29.7% for the twelve months ended March 31, 2023.<br>Return on average capital employed was 25.4% for the twelve months ended March 31, 2023.<br>6. TotalEnergies SE statutory accounts<br>Net income for TotalEnergies SE, the parent company, amounted to €2,189 million in the first quarter 2023,<br>compared to €1,035 million in the first quarter 2022.<br>7. Annual 2023 Sensitivities*<br>* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions<br>about TotalEnergies’ portfolio in 2023. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact<br>of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.<br>** In a 80 $/b Brent environment.<br>Adjusted net income<br>Average adjusted shareholders' equity<br>Return on equity (ROE) 29.7% 32.5% 21.8%<br>In millions of dollars April 1, 2022 January 1, 2022 April 1, 2021<br>March 31, 2023 December 31, 2022 March 31, 2022<br>24,382<br>111,794<br>34,219 36,657<br>115,233 112,831<br>Adjusted net operating income<br>Average capital employed<br>ROACE<br>35,712 38,212 25,803<br>In millions of dollars<br>April 1, 2022 January 1, 2022 April 1, 2021<br>March 31, 2023 December 31, 2022 March 31, 2022<br>140,842 135,312 143,517<br>25.4% 28.2% 18.0%<br>Change<br>Estimated impact on<br>adjusted<br>net operating income<br>Estimated impact on<br>cash flow from<br>operations<br>Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$<br>Average liquids price** +/- 10 $/b +/- 2.5 B$ +/- 3.0 B$<br>European gas price - NBP / TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$<br>Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$ |
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| 16<br>8. Outlook<br>After briefly falling below $75/b in mid-March, oil prices rose above $80/b in April, notably due to the decision<br>by some OPEC+ countries to reduce their production quotas to stabilize a market marked by fears of financial<br>crisis and recession.<br>After several quarters of exceptionally high diesel cracks, European refining margins are easing down because<br>of lower economic growth expectations and high products inventories fueled by Chinese exports and the<br>quicker than anticipated reorganization of Russian flows following the European embargo. Demand for<br>petroleum products could be supported in the coming weeks by the entry into the driving season in the US for<br>gasoline, as well as the global recovery of air traffic for aviation fuel.<br>Given the evolution of oil and gas prices in recent months and the lag effect on price formulas, TotalEnergies<br>anticipates that its average LNG selling price should be between $10-12/Mbtu in the second quarter 2023.<br>Given the high inventory levels at the end of winter, European and Asian gas prices are expected to remain<br>stable in the second quarter before rebounding in the second half 2023, driven by restocking gas in Europe<br>before winter and the demand recovery in China, in a context of limited LNG production growth. Futures<br>markets anticipate prices in the range of $18/Mbtu for winter 2023-24.<br>For the second quarter 2023, TotalEnergies anticipates a hydrocarbon production around 2.5 Mboe/d, LNG<br>sales that should benefit from the restart of Freeport LNG and a utilization rate in refineries up to more than<br>80% given the end of strikes in France.<br>The Company confirms its guidance for net investments between $16-18 billion in 2023, including $5 billion in<br>low-carbon energies.<br>* * * *<br>To listen to the conference call with CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 13:30 (Paris time),<br>please log on to totalenergies.com or dial +44 (0) 121 281 8004 or +1 (718) 705-8796. The conference replay will be<br>available on the Company's website totalenergies.com after the event.<br>* * * *<br>TotalEnergies contacts<br>Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR<br>Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com |
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| 17<br>9. Operating information by segment<br>9.1 Company’s production (Exploration & Production + Integrated LNG)<br>Combined liquids and gas<br>production by region (kboe/d) 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Europe 583 918 -37% 959 -39%<br>Africa 494 477 +4% 498 -1%<br>Middle East and North Africa 718 703 +2% 670 +7%<br>Americas 441 442 - 386 +14%<br>Asia-Pacific 288 272 +6% 330 -13%<br>Total production 2,524 2,812 -10% 2,843 -11%<br>includes equity affiliates 344 670 -49% 715 -52%<br>Liquids production by region (kb/d) 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Europe 235 282 -17% 298 -21%<br>Africa 371 358 +4% 371 -<br>Middle East and North Africa 578 565 +2% 538 +7%<br>Americas 263 259 +2% 201 +31%<br>Asia-Pacific 116 106 +9% 119 -3%<br>Total production 1,562 1,570 - 1,527 +2%<br>includes equity affiliates 150 199 -24% 210 -29%<br>Gas production by region (Mcf/d) 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Europe 1,879 3,412 -45% 3,557 -47%<br>Africa 615 592 +4% 643 -4%<br>Middle East and North Africa 772 745 +4% 727 +6%<br>Americas 994 1,030 -3% 1,041 -5%<br>Asia-Pacific 931 902 +3% 1,194 -22%<br>Total production 5,191 6,681 -22% 7,162 -28%<br>includes equity affiliates 1,054 2,535 -58% 2,714 -61% |
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| 18<br>9.2 Downstream (Refining & Chemicals and Marketing & Services)<br>* Olefins, polymers.<br>9.3 Renewables<br>(1) Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and, from 1Q23, 49% of Casa dos Ventos.<br>(2) End-of-period data.<br>Petroleum product sales by region (kb/d) 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Europe 1,736 1,665 +4% 1,635 +6%<br>Africa 667 743 -10% 761 -12%<br>Americas 849 740 +15% 775 +9%<br>Rest of world 623 558 +12% 531 +17%<br>Total consolidated sales 3,875 3,706 +5% 3,701 +5%<br>Includes bulk sales 387 388 - 409 -5%<br>Includes trading 2,127 1,868 +14% 1,840 +16%<br>Petrochemicals production* (kt) 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Europe 1,047 835 +25% 1,260 -17%<br>Americas 607 477 +27% 638 -5%<br>Middle East and Asia 753 700 +7% 781 -4%<br>Installed power generation gross capacity (GW) (1),(2) Solar Onshore<br>Wind<br>Offshore<br>Wind Other Total Solar Onshore<br>Wind<br>Offshore<br>Wind Other Total<br>France 0.8 0.6 0.0 0.2 1.5 0.8 0.6 0.0 0.1 1.5<br>Rest of Europe 0.2 1.1 0.5 0.0 1.8 0.2 1.1 0.3 0.0 1.6<br>Africa 0.1 0.0 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.1<br>Middle East 1.2 0.0 0.0 0.0 1.2 1.2 0.0 0.0 0.0 1.2<br>North America 3.0 2.1 0.0 0.1 5.1 2.9 2.1 0.0 0.1 5.1<br>South America 0.4 0.9 0.0 0.0 1.3 0.4 0.3 0.0 0.0 0.7<br>India 5.0 0.4 0.0 0.0 5.4 4.9 0.4 0.0 0.0 5.3<br>Asia-Pacific 1.3 0.0 0.1 0.0 1.5 1.2 0.0 0.1 0.0 1.4<br>Total 12.0 5.0 0.7 0.3 17.9 11.7 4.5 0.4 0.2 16.8<br>Power generation gross capacity from renewables<br>in construction (GW) (1),(2) Solar Onshore<br>Wind<br>Offshore<br>Wind Other Total Solar Onshore<br>Wind<br>Offshore<br>Wind Other Total<br>France 0.2 0.1 0.0 0.0 0.4 0.2 0.1 0.0 0.1 0.4<br>Rest of Europe 0.1 0.0 0.6 0.0 0.7 0.1 0.0 0.9 0.0 1.0<br>Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0<br>Middle East 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0<br>North America 2.7 0.1 0.0 0.5 3.4 2.6 0.0 0.0 0.5 3.1<br>South America 0.1 0.6 0.0 0.0 0.7 0.0 0.0 0.0 0.0 0.0<br>India 0.4 0.1 0.0 0.0 0.5 0.8 0.2 0.0 0.0 1.0<br>Asia-Pacific 0.0 0.0 0.5 0.0 0.6 0.1 0.0 0.5 0.0 0.6<br>Total 3.6 0.9 1.2 0.5 6.2 3.8 0.3 1.4 0.6 6.1<br>Power generation gross capacity from renewables<br>in development (GW) (1),(2) Solar Onshore<br>Wind<br>Offshore<br>Wind Other Total Solar Onshore<br>Wind<br>Offshore<br>Wind Other Total<br>France 0.9 0.2 0.0 0.0 1.2 1.6 0.4 0.0 0.0 2.0<br>Rest of Europe 3.6 0.4 4.4 0.1 8.4 3.8 0.4 4.4 0.1 8.6<br>Africa 0.7 0.3 0.0 0.1 1.1 0.6 0.1 0.0 0.1 0.9<br>Middle East 0.5 0.0 0.0 0.0 0.5 0.6 0.0 0.0 0.0 0.6<br>North America 10.7 2.8 4.1 4.5 22.1 10.8 3.4 4.1 4.1 22.4<br>South America 1.3 0.5 0.0 0.0 1.8 0.8 1.1 0.0 0.2 2.0<br>India 4.6 0.2 0.0 0.0 4.8 4.4 0.1 0.0 0.0 4.5<br>Asia-Pacific 2.4 0.4 2.9 0.7 6.4 2.2 0.1 2.3 0.4 5.0<br>Total 24.7 4.8 11.4 5.4 46.3 24.8 5.5 10.8 4.9 46.0<br>1Q23 4Q22<br>1Q23 4Q22<br>1Q23 4Q22 |
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| 19<br>10. Adjustment items to net income (TotalEnergies share)<br>In millions of dollars 1Q23 4Q22 1Q22<br>Special items affecting net income (TotalEnergies share) (159) (5,585) (4,993)<br>Gain (loss) on asset sales 203 - -<br>Restructuring charges - (14) (3)<br>Impairments (60) (3,845) (5,061)<br>Other (302) (1,726) 71<br>After-tax inventory effect : FIFO vs. replacement cost (391) (705) 1,040<br>Effect of changes in fair value (434) 1,993 (80)<br>Total adjustments affecting net income (984) (4,297) (4,033) |
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| 20<br>11. Reconciliation of adjusted EBITDA with consolidated financial statements<br>11.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA<br>11.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)<br>In millions of dollars 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Net income - TotalEnergies share 5,557 3,264 +70% 4,944 +12%<br>Less: adjustment items to net income (TotalEnergies share) 984 4,297 -77% 4,033 -76%<br>Adjusted net income - TotalEnergies share 6,541 7,561 -13% 8,977 -27%<br>Adjusted items<br>Add: non-controlling interests 74 210 -65% 76 -3%<br>Add: income taxes 4,090 4,530 -10% 4,724 -13%<br>Add: depreciation, depletion and impairment of tangible assets<br>and mineral interests 3,026 3,204 -6% 3,148 -4%<br>Add: amortization and impairment of intangible assets 99 111 -11% 96 +3%<br>Add: financial interest on debt 710 719 -1% 462 +54%<br>Less: financial income and expense from cash & cash equivalents (373) (338) ns (59) ns<br>Adjusted EBITDA 14,167 15,997 -11% 17,424 -19%<br>In millions of dollars 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Adjusted items<br>Revenues from sales 58,309 63,884 -9% 63,938 -9%<br>Purchases, net of inventory variation (37,479) (42,755) ns (40,762) ns<br>Other operating expenses (7,752) (7,027) ns (7,409) ns<br>Exploration costs (94) (250) ns (136) ns<br>Other income 77 636 -88% 121 -36%<br>Other expense, excluding amortization and impairment of intangible<br>assets (38) (480) ns (173) ns<br>Other financial income 248 266 -7% 119 x2.1<br>Other financial expense (183) (150) ns (135) ns<br>Net income (loss) from equity affiliates 1,079 1,873 -42% 1,861 -42%<br>Adjusted EBITDA 14,167 15,997 -11% 17,424 -19%<br>Adjusted items<br>Less: depreciation, depletion and impairment of tangible assets<br>and mineral interests (3,026) (3,204) ns (3,148) ns<br>Less: amortization of intangible assets (99) (111) ns (96) ns<br>Less: financial interest on debt (710) (719) ns (462) ns<br>Add: financial income and expense from cash & cash equivalents 373 338 +10% 59 x6.3<br>Less: income taxes (4,090) (4,530) ns (4,724) ns<br>Less: non-controlling interests (74) (210) ns (76) ns<br>Add: adjustment - TotalEnergies share (984) (4,297) ns (4,033) ns<br>Net income - TotalEnergies share 5,557 3,264 +70% 4,944 +12% |
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| 21<br>12. Investments - Divestments<br>* Change in debt from renewable projects (TotalEnergies share and partner share).<br>13. Cash flow<br>* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement<br>cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts and including capital gain from renewable projects<br>sale.<br> Historical data have been restated to cancel the impact of fair valuation of Integrated LNG and Integrated Power sectors’ contracts.<br>** Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.<br>In millions of dollars 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Organic investments ( a ) 3,433 3,935 -13% 1,981 +73%<br>Capitalized exploration 205 287 -29% 114 +80%<br>Increase in non-current loans 374 210 +78% 234 +60%<br>Repayment of non-current loans,<br>excluding organic loan repayment from equity affiliates (229) (259) ns (435) ns<br>Change in debt from renewable projects<br>(TotalEnergies share) - (124) -100% - ns<br>Acquisitions ( b ) 3,256 292 x11.2 1,400 x2.3<br>Asset sales ( c ) 269 425 -37% 478 -44%<br>Change in debt from renewable projects (partner share) (3) 109 ns (2) ns<br>Net acquisitions 2,987 (133) ns 922 x3.2<br>Net investments ( a + b - c ) 6,420 3,802 +69% 2,903 x2.2<br>Other transactions with non-controlling interests ( d ) - 50 -100% - ns<br>Organic loan repayment from equity affiliates ( e ) 6 (335) ns (487) ns<br>Change in debt from renewable projects financing * ( f ) (3) 233 ns (2) ns<br>Capex linked to capitalized leasing contracts ( g ) 60 61 -2% 36 +67%<br>Expenditures related to carbon credits ( h ) 1 8 -88% - ns<br>Cash flow used in investing activities ( a + b - c + d + e + f - g - h ) 6,362 3,681 +73% 2,378 x2.7<br>In millions of dollars 1Q23 4Q22<br>1Q23<br> vs<br>4Q22<br>1Q22<br>1Q23<br>vs<br>1Q22<br>Operating cash flow before working capital changes w/o financial<br>charges (DACF) 9,774 9,361 +4% 11,995 -19%<br>Financial charges (153) (226) ns (369) ns<br>Operating cash flow before working capital changes ( a ) * 9,621 9,135 +5% 11,626 -17%<br>(Increase) decrease in working capital ** (3,989) (2,247) ns (4,775) ns<br>Inventory effect (502) (895) ns 1,255 ns<br>Capital gain from renewable project sales (3) (40) ns (2) ns<br>Organic loan repayments from equity affiliates 6 (335) ns (487) ns<br>Cash flow from operations 5,133 5,618 -9% 7,617 -33%<br>Organic investments ( b ) 3,433 3,935 -13% 1,981 +73%<br>Free cash flow after organic investments,<br>w/o net asset sales ( a - b ) 6,188 5,200 +19% 9,645 -36%<br>Net investments ( c ) 6,420 3,802 +69% 2,903 x2.2<br>Net cash flow ( a - c ) 3,201 5,333 -40% 8,723 -63% |
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| 22<br>14. Gearing ratio<br>(1) Excludes leases receivables and leases debts.<br>(2) Including initial margins held as part of the Company's activities on organized markets.<br>15. Return on average capital employed<br>Twelve months ended March 31, 2023<br>Full year 2022<br>* At replacement cost (excluding after-tax inventory effect).<br>In millions of dollars 03/31/2023 12/31/2023 03/31/2022<br>Current borrowings (1) 16,280 14,065 16,759<br>Other current financial liabilities 597 488 502<br>Current financial assets (1),(2) (7,223) (8,556) (7,231)<br>Net financial assets classified as held for sale (38) (38) (38)<br>Non-current financial debt (1) 34,820 36,987 38,924<br>Non-current financial assets (1) (1,101) (1,303) (587)<br>Cash and cash equivalents (27,985) (33,026) (31,276)<br>Net debt (a) 15,350 8,617 17,053<br>Shareholders’ equity - TotalEnergies share 115,581 111,724 116,480<br>Non-controlling interests 2,863 2,846 3,375<br>Shareholders' equity (b) 118,444 114,570 119,855<br>Net-debt-to-capital ratio = a / (a+b) 11.5% 7.0% 12.5%<br>Leases (c) 8,131 8,096 8,028<br>Net-debt-to-capital ratio including leases (a+c) / (a+b+c) 16.5% 12.7% 17.3%<br>In millions of dollars Integrated<br>LNG<br>Integrated<br>Power<br>Exploration &<br>Production<br>Refining &<br>Chemicals<br>Marketing &<br>Services Company<br>Adjusted net operating income 10,108 1,427 15,117 7,800 1,558 35,712<br>Capital employed at 03/31/2022* 44,803 9,937 71,518 8,847 7,751 141,853<br>Capital employed at 03/31/2023* 34,183 18,982 67,658 10,115 8,811 139,830<br>ROACE 25.6% 9.9% 21.7% 82.3% 18.8% 25.4%<br>In millions of dollars Integrated<br>LNG<br>Integrated<br>Power<br>Exploration &<br>Production<br>Refining &<br>Chemicals<br>Marketing &<br>Services Company<br>Adjusted net operating income 11,169 975 17,479 7,302 1,550 38,212<br>Capital employed at 12/31/2021* 46,654 9,324 71,675 8,069 8,783 141,813<br>Capital employed at 12/31/2022* 33,671 16,225 65,784 7,438 7,593 128,811<br>ROACE 27.8% 7.6% 25.4% 94.2% 18.9% 28.2% |
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| 23<br>16. Restated key figures for 2021 and 2022 for Integrated LNG and Integrated Power<br>segments<br>16.1 Integrated LNG<br>16.1.1 Operational data<br>* The Company's equity production may be sold by TotalEnergies or by the joint-ventures.<br>16.1.2 Restated key figures<br>Including the centralized management of balance sheet positions (including margin calls) related to single market access for LNG, gas and power activities<br>since 2022.<br>Effects of changes in fair value in gas and LNG positions are allocated to the operating income of Integrated LNG sector<br>Effects of changes in fair value in power positions are allocated to the operating income of Integrated Power sector.<br>* Excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector.<br>** Excluding financial charges, except those related to leases.<br>Hydrocarbon production for LNG 2021 2022 1Q22 2Q22 3Q22 4Q22<br>Integrated LNG (kboe/d) 529 469 492 462 418 503<br>Liquids (kb/d) 63 53 60 53 40 58<br>Gas (Mcf/d) 2,541 2,267 2,349 2,233 2,067 2,420<br>Liquefied Natural Gas in Mt 2021 2022 1Q22 2Q22 3Q22 4Q22<br>Overall LNG sales 42.0 48.1 13.3 11.7 10.4 12.7<br>incl. Sales from equity production* 17.4 17.0 4.4 4.1 4.0 4.4<br>incl. Sales by TotalEnergies from equity production and third<br>party purchases 35.1 42.8 11.9 10.2 9.2 11.4<br>In millions of dollars 2021 2022 1Q22 2Q22 3Q22 4Q22<br>Adjusted net operating income 5,591 11,169 3,133 2,215 3,413 2,408<br>including adjusted income from equity affiliates 2,659 5,637 1,404 1,192 1,828 1,213<br>Organic investments 2,061 519 (61) 171 213 195<br>Net acquisitions (910) (47) (20) (36) (10) 19<br>Net investments 1,151 472 (81) 135 203 214<br>Operating cash flow before working capital changes * 5,404 9,784 2,492 2,112 2,492 2,688<br>Cash flow from operations ** (2,765) 9,604 2,219 3,802 3,449 134<br>Capital employed end of period 46,654 33,671 44,803 41,606 37,742 33,671 |
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| 24<br>16.2 Integrated Power<br>16.2.1 Operational data<br>(1) Includes 20% of Adani Green Energy Ltd’s gross capacity effective first quarter 2021.<br>(2) Includes 50% of Clearway Energy Group’s gross capacity effective third quarter 2022.<br>(3) End of period data.<br>(4) Solar, wind, hydroelectric and combined-cycle gas turbine (CCGT) plants.<br>16.2.2 Restated key figures<br>Excluding the centralized management of balance sheet positions (including margin calls) related to single market access for LNG, gas and power activities<br>since 2022.<br>Effects of changes in fair value in gas and LNG positions are allocated to the operating income of Integrated LNG sector<br>Effects of changes in fair value in power positions are allocated to the operating income of Integrated Power sector.<br>* Excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and including<br>capital gains on the sale of renewable projects.<br>** Excluding financial charges, except those related to leases.<br>Integrated Power 2021 2022 1Q22 2Q22 3Q22 4Q22<br>Portfolio of renewable power generation gross capacity (GW) (1),(2),(3) 43.0 69.0 46.8 50.7 67.8 69.0<br>o/w installed capacity 10.3 16.8 10.7 11.6 16.0 16.8<br>o/w capacity in construction 6.5 6.1 6.1 5.2 5.4 6.1<br>o/w capacity in development 26.2 46.0 30.1 33.9 46.4 46.0<br>Portfolio of renewable power generation net capacity (GW) (3) 31.7 45.5 34.4 38.4 45.2 45.5<br>o/w installed capacity 5.1 7.7 5.4 5.8 7.4 7.7<br>o/w capacity in construction 4.6 4.1 4.2 3.7 3.5 4.1<br>o/w capacity in development 22.0 33.6 24.8 28.9 34.2 33.6<br>Gas-fired power generation gross installed capacity (GW) (3) 5.8 5.8 5.8 5.8 5.8 5.8<br>Gas-fired power generation net installed capacity (CCGT) (GW) (3) 4.5 4.3 4.5 4.3 4.3 4.3<br>Net power production (TWh) (4) 21.2 33.2 7.6 7.7 8.5 9.4<br>incl. power production from renewables 6.8 10.4 2.2 2.5 2.4 3.3<br>Clients power - BtB and BtC (Million) (3) 6.1 6.1 6.1 6.2 6.3 6.1<br>Clients gas - BtB and BtC (Million) (3) 2.7 2.7 2.7 2.7 2.8 2.7<br>Sales power - BtB and BtC (TWh) 56.6 55.3 16.3 12.3 12.1 14.6<br>Sales gas - BtB and BtC (TWh) 101.2 96.3 35.0 19.1 14.2 28.1<br>In millions of dollars 2021 2022 1Q22 2Q22 3Q22 4Q22<br>Adjusted net operating income 652 975 (82) 340 236 481<br>including adjusted income from equity affiliates 37 201 26 27 60 88<br>Organic investments 1,280 1,385 319 170 440 455<br>Net acquisitions 2,075 2,136 661 (22) 1,728 (230)<br>Net investments 3,355 3,521 980 148 2,168 225<br>Operating cash flow before working capital changes * 720 970 93 248 191 439<br>Cash flow from operations ** 3,592 66 (1,904) 168 941 861<br>Capital employed end of period 9,324 16,225 9,937 12,568 17,181 16,225 |
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| 25<br>Disclaimer:<br>The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the<br>consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to<br>these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent<br>legal entities.<br>This press release presents the results for the first quarter 2023 from the consolidated financial statements of TotalEnergies SE as of March 31,<br>2023 (unaudited). The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements<br>(unaudited) are available on the website totalenergies.com.<br>This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with<br>respect to the financial condition, results of operations, business activities and industrial strategy of TotalEnergies. This document may also contain<br>statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and<br>carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be<br>deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or<br>conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”,<br>“aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions<br>prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this<br>document.<br>These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals<br>announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between<br>the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory<br>environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the<br>demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and<br>operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment<br>and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes<br>in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates<br>particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.<br>Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement,<br>objectives or trends contained in this document whether as a result of new information, future events or otherwise. The information on risk factors<br>that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation,<br>outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document<br>which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States<br>Securities and Exchange Commission (“SEC”).<br>Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information<br>that is used to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators<br>are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating<br>income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before<br>working capital changes, the shareholder rate of return. These indicators are meant to facilitate the analysis of the financial performance of<br>TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure<br>the performance of TotalEnergies.<br>These adjustment items include:<br>(i) Special items<br>Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment<br>figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such<br>as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as<br>special items although they may have occurred within prior years or are likely to occur again within the coming years.<br>(ii) Inventory valuation effect<br>The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method.<br>This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of TotalEnergies’<br>principal competitors.<br>In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of<br>income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or<br>the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to<br>the FIFO (First-In, First-Out) and the replacement cost.<br>(iii) Effect of changes in fair value<br>The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of<br>performance used by TotalEnergies’ management and the accounting for these transactions under IFRS.<br>IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of<br>economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories<br>based on forward prices.<br>TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal<br>economic performance. IFRS precludes recognition of this fair value effect.<br>Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives<br>are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on<br>derivatives to match with the transaction occurrence.<br>The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results,<br>adjusted for special items, excluding the effect of changes in fair value.<br>Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$)<br>exchange rate for the applicable period and are not the result of financial statements prepared in euros.<br>Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable<br>and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as<br>“potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to<br>consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord<br>Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website totalenergies.com. You can also obtain this form from the SEC by<br>calling 1-800-SEC-0330 or on the SEC’s website sec.gov. |
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| 26<br>First Quarter 2023: Main Indicators<br>Paris, April 18, 2023 – The main indicators, estimated financial information and key elements impacting<br>TotalEnergies’ first quarter 2023 aggregates are shown below:<br>* Sales in $ / Sales in volume for consolidated affiliates.<br>** Sales in $ / Sales in volume for consolidated and equity affiliates.<br>*** This indicator represents the average margin on variable costs realized by TotalEnergies’ European refining business (equal to the<br>difference between the sales of refined products realized by TotalEnergies’ European refining and the crude purchases as well as<br>associated variable costs, divided by refinery throughput in tons).<br>(1) Does not take include oil, gas and LNG trading activities, respectively.<br>Main elements impacting the quarter aggregates<br> Hydrocarbon production is expected to exceed 2.5 Mboe/d this quarter, up by close to 50 kboe/d compared<br>to the previous quarter*<br>, benefiting in particular from the start-up of gas production on Block 10 in Oman<br>and the acquisition of an interest in the SARB / Umm Lulu oil fields in the United Arab Emirates.<br> Besides the effect of the deconsolidation of Novatek as of January 1, 2023, the results of the Integrated<br>LNG segment, while remaining very significant, will be impacted by the lower demand for LNG in Europe<br>due to the mild winter weather and high inventory levels.<br> Refining & Chemicals results are expected to be higher given the sustained refining margins during the<br>quarter.<br>To be recalled that TotalEnergies will publish the results of the Integrated LNG and Integrated Power segments<br>separately on April 27, 2023 and will provide on that occasion the restatement of the annual 2021 and quarterly<br>2022 accounts.<br>2023 Sensitivities*<br>* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based<br>on assumptions about TotalEnergies’ portfolio in 2023. Actual results could vary significantly from estimates based on the application<br>of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining &<br>Chemicals.<br>** In a 80 $/b Brent environment.<br>* Restated for production related to TotalEnergies’ stake in Novatek.<br> Main indicators<br>1Q23 4Q22 3Q22 2Q22 1Q22<br>€/$ 1.07 1.02 1.01 1.06 1.12<br> Brent ($/b) 81.2 88.8 100.8 113.9 102.2<br> Average liquids price * (1) ($/b) 73.4 80.6 93.6 102.9 90.1<br> Average gas price ** (1) ($/Mbtu) 8.89 12.74 16.83 11.01 12.27<br> Average LNG price ** (1) ($/Mbtu) 13.27 14.83 21.51 13.96 13.60<br> Variable Cost Margin, European refining *** ($/t) 87.8 73.6 99.2 145.7 46.3<br>Change<br>Estimated impact on<br>adjusted<br>net operating income<br>Estimated impact on<br>cash flow from<br>operations<br>Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$<br>Average liquids price** +/- 10 $/b +/- 2.5 B$ +/- 3.0 B$<br>European gas price - NBP / TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$<br>Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$ |
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| 27<br>Disclaimer<br>The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the<br>consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to<br>refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate<br>and independent legal entities.<br>The data presented in this document is based on TotalEnergies’ internal preliminary reporting and is not audited. This data is not intended<br>to be a comprehensive summary of all items that will affect TotalEnergies SE’s results or to provide an estimate of the first quarter 2023<br>results. Actual results may vary. To the extent permitted by law, TotalEnergies SE disclaims all liability from the use of this data.<br>This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably<br>with respect to the financial condition, results of operations, business activities and industrial strategy of TotalEnergies. This document<br>may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with<br>respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it<br>being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally<br>be identified by the use of the future or conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”,<br>“considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document<br>are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and<br>considered to be reasonable by TotalEnergies as of the date of this document.<br>These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or<br>goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant<br>difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial,<br>competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and<br>natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the<br>ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations<br>including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes<br>in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic.<br>Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and<br>potential impairments of assets relating thereto.<br>Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or<br>statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. The<br>information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its<br>operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most<br>recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers<br>and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).<br>Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment<br>information that is used to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative<br>performance indicators are presented, such as performance indicators excluding certain adjustment items (i.e., special items, inventory<br>valuation effect and effect of changes in fair value) -adjusted net operating income, adjusted net income). These indicators are meant to<br>facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors<br>to track the measures used internally to manage and measure the performance of TotalEnergies. The adjusted results (adjusted net<br>operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes<br>in fair value. For further details on the adjustment items, please refer to the last published earnings statement and notes to the consolidated<br>financial statements. |
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| 28<br>TotalEnergies financial statements<br>First quarter 2023 consolidated accounts, IFRS |
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| 29<br>CONSOLIDATED STATEMENT OF INCOME<br>TotalEnergies<br>(unaudited)<br>1<br>st quarter 4<br>th quarter 1<br>st quarter<br>(M$)(a) 2023 2022 2022<br>Sales 62,603 68,582 68,606<br>Excise taxes (4,370) (4,629) (4,656)<br>Revenues from sales 58,233 63,953 63,950<br>Purchases, net of inventory variation (38,351) (41,555) (39,648)<br>Other operating expenses (7,785) (7,354) (7,623)<br>Exploration costs (92) (250) (861)<br>Depreciation, depletion and impairment of tangible assets and mineral interests (3,062) (2,505) (3,679)<br>Other income 341 584 143<br>Other expense (300) (2,828) (2,290)<br>Financial interest on debt (710) (719) (462)<br>Financial income and expense from cash & cash equivalents 393 357 214<br>Cost of net debt (317) (362) (248)<br>Other financial income 258 266 203<br>Other financial expense (183) (150) (135)<br>Net income (loss) from equity affiliates 960 (281) 43<br>Income taxes (4,071) (6,077) (4,804)<br>Consolidated net income 5,631 3,441 5,051<br>TotalEnergies share 5,557 3,264 4,944<br>Non-controlling interests 74 177 107<br>Earnings per share ($) 2.23 1.27 1.87<br>Fully-diluted earnings per share ($) 2.21 1.26 1.85<br>(a) Except for per share amounts. |
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| 30<br>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME<br>TotalEnergies<br>(unaudited)<br>1<br>st quarter 4<br>th quarter 1<br>st quarter<br>(M$) 2023 2022 2022<br>Consolidated net income 5,631 3,441 5,051<br>Other comprehensive income<br>Actuarial gains and losses 3 387 -<br>Change in fair value of investments in equity instruments 4 (2) 3<br>Tax effect (8) (56) 11<br>Currency translation adjustment generated by the parent company 1,466 6,800 (1,750)<br>Items not potentially reclassifiable to profit and loss 1,465 7,129 (1,736)<br>Currency translation adjustment (1,250) (3,672) 1,012<br>Cash flow hedge 1,202 (9,669) (263)<br>Variation of foreign currency basis spread (3) (14) 49<br>share of other comprehensive income of equity affiliates, net amount (98) 842 (84)<br>Other 3 3 -<br>Tax effect (336) 2,932 53<br>Items potentially reclassifiable to profit and loss (482) (9,578) 767<br>Total other comprehensive income (net amount) 983 (2,449) (969)<br>Comprehensive income 6,614 992 4,082<br>TotalEnergies share 6,550 792 3,953<br>Non-controlling interests 64 200 129 |
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| 31<br>CONSOLIDATED BALANCE SHEET<br>TotalEnergies<br>March 31,<br>2023<br>December 31,<br>2022<br>March 31,<br>2022<br>(M$) (unaudited) (unaudited) (unaudited)<br>ASSETS<br>Non-current assets<br>Intangible assets, net 33,234 31,931 32,504<br>Property, plant and equipment, net 107,499 107,101 104,450<br>Equity affiliates : investments and loans 29,997 27,889 29,334<br>Other investments 1,209 1,051 1,490<br>Non-current financial assets 2,357 2,731 1,490<br>Deferred income taxes 4,772 5,049 5,299<br>Other non-current assets 2,709 2,388 3,033<br>Total non-current assets 181,777 178,140 177,600<br>Current assets<br>Inventories, net 22,786 22,936 24,456<br>Accounts receivable, net 24,128 24,378 32,000<br>Other current assets 28,153 36,070 50,976<br>Current financial assets 7,535 8,746 7,415<br>Cash and cash equivalents 27,985 33,026 31,276<br>Assets classified as held for sale 668 568 856<br>Total current assets 111,255 125,724 146,979<br>Total assets 293,032 303,864 324,579<br>LIABILITIES & SHAREHOLDERS' EQUITY<br>Shareholders' equity<br>Common shares 7,828 8,163 8,137<br>Paid-in surplus and retained earnings 123,357 123,951 123,008<br>Currency translation adjustment (12,784) (12,836) (13,643)<br>Treasury shares (2,820) (7,554) (1,022)<br>Total shareholders' equity - TotalEnergies Share 115,581 111,724 116,480<br>Non-controlling interests 2,863 2,846 3,375<br>Total shareholders' equity 118,444 114,570 119,855<br>Non-current liabilities<br>Deferred income taxes 11,300 11,021 11,281<br>Employee benefits 1,840 1,829 2,610<br>Provisions and other non-current liabilities 21,270 21,402 21,649<br>Non-current financial debt 42,915 45,264 46,546<br>Total non-current liabilities 77,325 79,516 82,086<br>Current liabilities<br>Accounts payable 36,037 41,346 46,869<br>Other creditors and accrued liabilities 42,578 52,275 56,972<br>Current borrowings 17,884 15,502 18,252<br>Other current financial liabilities 597 488 502<br>Liabilities directly associated with the assets classified as held for sale 167 167 43<br>Total current liabilities 97,263 109,778 122,638<br>Total liabilities & shareholders' equity 293,032 303,864 324,579 |
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| 32<br>CONSOLIDATED STATEMENT OF CASH FLOW<br>TotalEnergies<br>(unaudited)<br>1<br>st quarter 4<br>th quarter 1<br>st quarter<br>(M$) 2023 2022 2022<br>CASH FLOW FROM OPERATING ACTIVITIES<br>Consolidated net income 5,631 3,441 5,051<br>Depreciation, depletion, amortization and impairment 3,187 2,749 4,578<br>Non-current liabilities, valuation allowances and deferred taxes 314 (75) 2,538<br>(Gains) losses on disposals of assets (252) 2,192 (13)<br>Undistributed affiliates' equity earnings (349) 1,506 262<br>(Increase) decrease in working capital (3,419) (3,791) (4,923)<br>Other changes, net 21 (404) 124<br>Cash flow from operating activities 5,133 5,618 7,617<br>CASH FLOW USED IN INVESTING ACTIVITIES<br>Intangible assets and property, plant and equipment additions (4,968) (4,097) (3,457)<br>Acquisitions of subsidiaries, net of cash acquired (136) (4) -<br>Investments in equity affiliates and other securities (1,407) (260) (89)<br>Increase in non-current loans (389) (211) (241)<br>Total expenditures (6,900) (4,572) (3,787)<br>Proceeds from disposals of intangible assets and property, plant and equipment 68 113 177<br>Proceeds from disposals of subsidiaries, net of cash sold 183 160 88<br>Proceeds from disposals of non-current investments 49 23 215<br>Repayment of non-current loans 238 595 929<br>Total divestments 538 891 1,409<br>Cash flow used in investing activities (6,362) (3,681) (2,378)<br>CASH FLOW USED IN FINANCING ACTIVITIES<br>Issuance (repayment) of shares:<br> - Parent company shareholders - - -<br> - Treasury shares (2,103) (2,551) (1,176)<br>Dividends paid:<br> - Parent company shareholders (1,844) (4,356) (1,928)<br> - Non-controlling interests (21) (12) (22)<br>Net issuance (repayment) of perpetual subordinated notes - - 1,958<br>Payments on perpetual subordinated notes (158) (51) (136)<br>Other transactions with non-controlling interests (86) (82) 5<br>Net issuance (repayment) of non-current debt 118 425 34<br>Increase (decrease) in current borrowings (1,274) (3,500) 657<br>Increase (decrease) in current financial assets and liabilities 1,394 3,554 5,594<br>Cash flow from (used in) financing activities (3,974) (6,573) 4,986<br>Net increase (decrease) in cash and cash equivalents (5,203) (4,636) 10,225<br>Effect of exchange rates 162 1,721 (291)<br>Cash and cash equivalents at the beginning of the period 33,026 35,941 21,342<br>Cash and cash equivalents at the end of the period 27,985 33,026 31,276 |
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| 33<br>CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY<br>TotalEnergies<br>(unaudited)<br>Common shares issued Paid-in<br>surplus and<br>retained<br>earnings<br>Currency<br>translation<br>adjustment<br>Treasury shares Shareholders'<br>equity -<br>TotalEnergies<br>Share<br>Non-controlling<br>interests<br>Total<br>shareholders'<br>equity<br>(M$) Number Amount Number Amount<br>As of January 1, 2022 2,640,429,329 8,224 117,849 (12,671) (33,841,104) (1,666) 111,736 3,263 114,999<br>Net income of the first quarter<br>2022 - - 4,944 - - - 4,944 107 5,051<br>Other comprehensive income - - (19) (972) - - (991) 22 (969)<br>Comprehensive Income - - 4,925 (972) - - 3,953 129 4,082<br>Dividend - - - - - - - (22) (22)<br>Issuance of common shares - - - - - - - - -<br>Purchase of treasury shares - - - - (22,378,128) (1,176) (1,176) - (1,176)<br>Sale of treasury shares(a)<br>- - (315) - 6,168,047 315 - - -<br>Share-based payments - - 92 - - - 92 - 92<br>Share cancellation (30,665,526) (87) (1,418) - 30,665,526 1,505 - - -<br>Net issuance (repayment) of<br>perpetual subordinated notes - - 1,958 - - - 1,958 - 1,958<br>Payments on perpetual<br>subordinated notes - - (96) - - - (96) - (96)<br>Other operations with<br>non-controlling interests - - (1) - - - (1) 6 5<br>Other items - - 14 - - - 14 (1) 13<br>As of March 31, 2022 2,609,763,803 8,137 123,008 (13,643) (19,385,659) (1,022) 116,480 3,375 119,855<br>Net income from April 1 to<br>December 31, 2022 - - 15,582 - - - 15,582 411 15,993<br>Other comprehensive income - - (2,914) 798 - - (2,116) (24) (2,140)<br>Comprehensive Income - - 12,668 798 - - 13,466 387 13,853<br>Dividend - - (9,989) - - - (9,989) (514) (10,503)<br>Issuance of common shares 9,367,482 26 344 - - - 370 - 370<br>Purchase of treasury shares - - - - (117,829,615) (6,535) (6,535) - (6,535)<br>Sale of treasury shares(a)<br>- - (3) - 27,607 3 - - -<br>Share-based payments - - 137 - - - 137 - 137<br>Share cancellation - - - - - - - - -<br>Net issuance (repayment) of<br>perpetual subordinated notes - - (2,002) - - - (2,002) - (2,002)<br>Payments on perpetual<br>subordinated notes - - (235) - - - (235) - (235)<br>Other operations with<br>non-controlling interests - - 46 9 - - 55 31 86<br>Other items - - (23) - - - (23) (433) (456)<br>As of December 31, 2022 2,619,131,285 8,163 123,951 (12,836) (137,187,667) (7,554) 111,724 2,846 114,570<br>Net income of the first quarter 2023 - - 5,557 - - - 5,557 74 5,631<br>Other comprehensive income - - 913 80 - - 993 (10) 983<br>Comprehensive Income - - 6,470 80 - - 6,550 64 6,614<br>Dividend - - - - - - - (21) (21)<br>Issuance of common shares - - - - - - - - -<br>Purchase of treasury shares - - - - (33,842,858) (2,703) (2,703) - (2,703)<br>Sale of treasury shares(a)<br>- - (395) - 6,446,384 395 - - -<br>Share-based payments - - 54 - - - 54 - 54<br>Share cancellation (128,869,261) (335) (6,707) - 128,869,261 7,042 - - -<br>Net issuance (repayment) of<br>perpetual subordinated notes - - - - - - - - -<br>Payments on perpetual<br>subordinated notes - - (77) - - - (77) - (77)<br>Other operations with<br> non-controlling interests - - 39 (28) - - 11 (25) (14)<br>Other items - - 22 - - - 22 (1) 21<br>As of March 31, 2023 2,490,262,024 7,828 123,357 (12,784) (35,714,880) (2,820) 115,581 2,863 118,444<br>(a)Treasury shares related to the performance share grants. |
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| 34<br>INFORMATION BY BUSINESS SEGMENT<br>TotalEnergies<br>(unaudited)<br>1<br>st quarter 2023<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>External sales 4,872 8,555 1,954 24,855 22,359 8 - 62,603<br>Intersegment sales 5,999 1,685 10,728 9,061 120 57 (27,650) -<br>Excise taxes - - - (184) (4,186) - - (4,370)<br>Revenues from sales 10,871 10,240 12,682 33,732 18,293 65 (27,650) 58,233<br>Operating expenses (9,445) (9,831) (4,762) (31,892) (17,787) (161) 27,650 (46,228)<br>Depreciation, depletion and impairment of tangible<br>assets and mineral interests (288) (47) (2,066) (414) (224) (23) - (3,062)<br>Operating income 1,138 362 5,854 1,426 282 (119) - 8,943<br>Net income (loss) from equity affiliates and other<br>items 804 (70) 68 52 243 (21) - 1,076<br>Tax on net operating income (205) (111) (3,398) (325) (119) 63 - (4,095)<br>Net operating income 1,737 181 2,524 1,153 406 (77) - 5,924<br>Net cost of net debt (293)<br>Non-controlling interests (74)<br>Net income - TotalEnergies share 5,557<br>1<br>st quarter 2023 (adjustments)(a)<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>External sales (76) - - - - - - (76)<br>Intersegment sales - - - - - - - -<br>Excise taxes - - - - - - - -<br>Revenues from sales (76) - - - - - - (76)<br>Operating expenses (300) (70) (8) (424) (101) - - (903)<br>Depreciation, depletion and impairment of tangible<br>assets and mineral interests - - - (36) - - - (36)<br>Operating income (b) (376) (70) (8) (460) (101) - - (1,015)<br>Net income (loss) from equity affiliates and other<br>items (4) (111) (73) (37) 217 - - (8)<br>Tax on net operating income 45 (8) (48) 32 10 - - 31<br>Net operating income (b) (335) (189) (129) (465) 126 - - (992)<br>Net cost of net debt 8<br>Non-controlling interests -<br>Net income - TotalEnergies share (984)<br>(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.<br>(b) Of which inventory valuation effect<br> - On operating income - - (415) (87) -<br> - On net operating income - - (327) (64) -<br>1<br>st quarter 2023 (adjusted)<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>External sales 4,948 8,555 1,954 24,855 22,359 8 - 62,679<br>Intersegment sales 5,999 1,685 10,728 9,061 120 57 (27,650) -<br>Excise taxes - - - (184) (4,186) - - (4,370)<br>Revenues from sales 10,947 10,240 12,682 33,732 18,293 65 (27,650) 58,309<br>Operating expenses (9,145) (9,761) (4,754) (31,468) (17,686) (161) 27,650 (45,325)<br>Depreciation, depletion and impairment of tangible<br>assets and mineral interests (288) (47) (2,066) (378) (224) (23) - (3,026)<br>Adjusted operating income 1,514 432 5,862 1,886 383 (119) - 9,958<br>Net income (loss) from equity affiliates and other<br>items 808 41 141 89 26 (21) - 1,084<br>Tax on net operating income (250) (103) (3,350) (357) (129) 63 - (4,126)<br>Adjusted net operating income 2,072 370 2,653 1,618 280 (77) - 6,916<br>Net cost of net debt (301)<br>Non-controlling interests (74)<br>Adjusted net income - TotalEnergies share 6,541<br>1<br>st quarter 2023<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>Total expenditures 1,195 1,234 4,052 225 159 35 - 6,900<br>Total divestments 49 149 31 8 301 - - 538<br>Cash flow from operating activities 3,536 (1,285) 4,536 (851) (673) (130) - 5,133 |
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| 35<br>INFORMATION BY BUSINESS SEGMENT<br>TotalEnergies<br>(unaudited)<br>4<br>th quarter 2022<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>External sales 4,628 10,055 2,600 26,650 24,637 12 - 68,582<br>Intersegment sales 5,783 1,807 12,866 11,730 274 63 (32,523) -<br>Excise taxes - - - (199) (4,430) - - (4,629)<br>Revenues from sales 10,411 11,862 15,466 38,181 20,481 75 (32,523) 63,953<br>Operating expenses (8,361) (9,836) (6,173) (37,107) (19,939) (266) 32,523 (49,159)<br>Depreciation, depletion and impairment of<br>tangible assets and mineral interests (405) (54) (1,343) (393) (276) (34) - (2,505)<br>Operating income 1,645 1,972 7,950 681 266 (225) - 12,289<br>Net income (loss) from equity affiliates and<br>other items 1,150 103 (3,874) 161 (62) 113 - (2,409)<br>Tax on net operating income (269) (112) (4,635) (898) (113) 22 - (6,005)<br>Net operating income 2,526 1,963 (559) (56) 91 (90) - 3,875<br>Net cost of net debt (434)<br>Non-controlling interests (177)<br>Net income - TotalEnergies share 3,264<br>4<br>th quarter 2022 (adjustments)(a)<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>External sales 69 - - - - - - 69<br>Intersegment sales - - - - - - - -<br>Excise taxes - - - - - - - -<br>Revenues from sales 69 - - - - - - 69<br>Operating expenses 382 1,719 (108) (821) (211) (88) - 873<br>Depreciation, depletion and impairment of<br>tangible assets and mineral interests (108) - 844 - (37) - - 699<br>Operating income (b) 343 1,719 736 (821) (248) (88) - 1,641<br>Net income (loss) from equity affiliates and<br>other items (195) (113) (4,025) (101) (9) - - (4,443)<br>Tax on net operating income (30) (124) (798) (621) 14 23 - (1,536)<br>Net operating income (b) 118 1,482 (4,087) (1,543) (243) (65) - (4,338)<br>Net cost of net debt 8<br>Non-controlling interests 33<br>Net income - TotalEnergies share (4,297)<br>(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.<br>(b) Of which inventory valuation effect<br> - On operating income - - (712) (184) -<br> - On net operating income - - (586) (137) -<br>4<br>th quarter 2022 (adjusted)<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>External sales 4,559 10,055 2,600 26,650 24,637 12 - 68,513<br>Intersegment sales 5,783 1,807 12,866 11,730 274 63 (32,523) -<br>Excise taxes - - - (199) (4,430) - - (4,629)<br>Revenues from sales 10,342 11,862 15,466 38,181 20,481 75 (32,523) 63,884<br>Operating expenses (8,743) (11,555) (6,065) (36,286) (19,728) (178) 32,523 (50,032)<br>Depreciation, depletion and impairment of<br>tangible assets and mineral interests (297) (54) (2,187) (393) (239) (34) - (3,204)<br>Adjusted operating income 1,302 253 7,214 1,502 514 (137) - 10,648<br>Net income (loss) from equity affiliates and<br>other items 1,345 216 151 262 (53) 113 - 2,034<br>Tax on net operating income (239) 12 (3,837) (277) (127) (1) - (4,469)<br>Adjusted net operating income 2,408 481 3,528 1,487 334 (25) - 8,213<br>Net cost of net debt (442)<br>Non-controlling interests (210)<br>Adjusted net income - TotalEnergies share 7,561<br>4<br>th quarter 2022<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>Total expenditures 310 640 2,478 588 507 49 - 4,572<br>Total divestments 319 186 215 125 42 4 - 891<br>Cash flow from operating activities 134 861 4,035 232 707 (351) - 5,618 |
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| 36<br>INFORMATION BY BUSINESS SEGMENT<br>TotalEnergies<br>(unaudited)<br>1<br>st quarter 2022<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>External sales 5,507 6,787 2,151 31,008 23,149 4 - 68,606<br>Intersegment sales 3,498 521 13,818 9,277 267 63 (27,444) -<br>Excise taxes - - - (192) (4,464) - - (4,656)<br>Revenues from sales 9,005 7,308 15,969 40,093 18,952 67 (27,444) 63,950<br>Operating expenses (6,886) (7,294) (5,708) (37,411) (17,984) (293) 27,444 (48,132)<br>Depreciation, depletion and impairment of<br>tangible assets and mineral interests (278) (43) (2,661) (380) (273) (44) - (3,679)<br>Operating income 1,841 (29) 7,600 2,302 695 (270) - 12,139<br>Net income (loss) from equity affiliates and<br>other items (2,495) (5) 242 156 (42) 108 - (2,036)<br>Tax on net operating income (261) (33) (3,863) (525) (225) 105 - (4,802)<br>Net operating income (915) (67) 3,979 1,933 428 (57) - 5,301<br>Net cost of net debt (250)<br>Non-controlling interests (107)<br>Net income - TotalEnergies share 4,944<br>1<br>st quarter 2022 (adjustments)(a)<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>External sales (3) 15 - - - - - 12<br>Intersegment sales - - - - - - - -<br>Excise taxes - - - - - - - -<br>Revenues from sales (3) 15 - - - - - 12<br>Operating expenses (107) (10) (791) 947 268 (132) - 175<br>Depreciation, depletion and impairment of<br>tangible assets and mineral interests - - (493) - (29) (9) - (531)<br>Operating income (b) (110) 5 (1,284) 947 239 (141) - (344)<br>Net income (loss) from equity affiliates and<br>other items (3,948) 9 (14) 117 (3) 106 - (3,733)<br>Tax on net operating income 10 1 262 (251) (80) 20 - (38)<br>Net operating income (b) (4,048) 15 (1,036) 813 156 (15) - (4,115)<br>Net cost of net debt 113<br>Non-controlling interests (31)<br>Net income - TotalEnergies share (4,033)<br>(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.<br>(b) Of which inventory valuation effect<br> - On operating income - - 947 308 -<br> - On net operating income - - 845 228 -<br>1<br>st quarter 2022 (adjusted)<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>External sales 5,510 6,772 2,151 31,008 23,149 4 - 68,594<br>Intersegment sales 3,498 521 13,818 9,277 267 63 (27,444) -<br>Excise taxes - - - (192) (4,464) - - (4,656)<br>Revenues from sales 9,008 7,293 15,969 40,093 18,952 67 (27,444) 63,938<br>Operating expenses (6,779) (7,284) (4,917) (38,358) (18,252) (161) 27,444 (48,307)<br>Depreciation, depletion and impairment of<br>tangible assets and mineral interests (278) (43) (2,168) (380) (244) (35) - (3,148)<br>Adjusted operating income 1,951 (34) 8,884 1,355 456 (129) - 12,483<br>Net income (loss) from equity affiliates and<br>other items 1,453 (14) 256 39 (39) 2 - 1,697<br>Tax on net operating income (271) (34) (4,125) (274) (145) 85 - (4,764)<br>Adjusted net operating income 3,133 (82) 5,015 1,120 272 (42) - 9,416<br>Net cost of net debt (363)<br>Non-controlling interests (76)<br>Adjusted net income - TotalEnergies share 8,977<br>1<br>st quarter 2022<br>Integrated<br>LNG<br>Integrated<br>Power<br>Exploration<br>&<br>Production<br>Refining<br>&<br>Chemicals<br>Marketing<br>&<br>Services<br>Corporate Intercompany Total<br>(M$)<br>Total expenditures 290 1,149 1,971 228 140 9 - 3,787<br>Total divestments 844 171 283 27 79 5 - 1,409<br>Cash flow from operating activities 2,219 (1,904) 5,768 1,107 898 (471) - 7,617 |
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| 37<br>Reconciliation of the information by business segment with Consolidated Financial Statements<br>TotalEnergies<br>(unaudited)<br>Consolidated<br>1<br>st quarter 2023 statement<br>(M$) Adjusted Adjustments(a) of income<br>Sales 62,679 (76) 62,603<br>Excise taxes (4,370) - (4,370)<br> Revenues from sales 58,309 (76) 58,233<br>Purchases net of inventory variation (37,479) (872) (38,351)<br>Other operating expenses (7,752) (33) (7,785)<br>Exploration costs (94) 2 (92)<br>Depreciation, depletion and impairment of tangible assets and mineral interests (3,026) (36) (3,062)<br>Other income 77 264 341<br>Other expense (137) (163) (300)<br>Financial interest on debt (710) - (710)<br>Financial income and expense from cash & cash equivalents 373 20 393<br> Cost of net debt (337) 20 (317)<br>Other financial income 248 10 258<br>Other financial expense (183) - (183)<br>Net income (loss) from equity affiliates 1,079 (119) 960<br>Income taxes (4,090) 19 (4,071)<br>Consolidated net income 6,615 (984) 5,631<br>TotalEnergies share 6,541 (984) 5,557<br>Non-controlling interests 74 - 74<br>(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.<br>Consolidated<br>1<br>st quarter 2022 statement<br>(M$) Adjusted Adjustments(a) of income<br>Sales 68,594 12 68,606<br>Excise taxes (4,656) - (4,656)<br> Revenues from sales 63,938 12 63,950<br>Purchases net of inventory variation (40,762) 1,114 (39,648)<br>Other operating expenses (7,409) (214) (7,623)<br>Exploration costs (136) (725) (861)<br>Depreciation, depletion and impairment of tangible assets and mineral interests (3,148) (531) (3,679)<br>Other income 121 22 143<br>Other expense (269) (2,021) (2,290)<br>Financial interest on debt (462) - (462)<br>Financial income and expense from cash & cash equivalents 59 155 214<br> Cost of net debt (403) 155 (248)<br>Other financial income 119 84 203<br>Other financial expense (135) - (135)<br>Net income (loss) from equity affiliates 1,861 (1,818) 43<br>Income taxes (4,724) (80) (4,804)<br>Consolidated net income 9,053 (4,002) 5,051<br>TotalEnergies share 8,977 (4,033) 4,944<br>Non-controlling interests 76 31 107<br>(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
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Exhibit99.9
| PRESS<br> RELEASE |
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TotalEnergies announces the first interim dividend of
€0.74/share for fiscal year 2023,
an increase of more than 7% compared to 2022
Paris,27^th^ April 2023 - The Board of Directors meeting on April 26, 2023 under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer, decided the distribution of a first interim dividend of 0.74 €/share for fiscal year 2023, an increase of 7.25% compared to the three interim dividends paid for fiscal year 2022 and identical to the final ordinary dividend for fiscal year 2022. This increase is in line with the shareholder return policy confirmed by the Board of Directors in February 2023.
This interim dividend will be paid in cash exclusively, according to the following timetable:
| Shareholders | ADS holders | ||
|---|---|---|---|
| Ex-dividend date | 20 September 2023 | 15 September 2023 | |
| Payment date | 2 October 2023 | 12 October 2023 |
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
Contacts TotalEnergies
Media Relations : +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations : +33 (0)1 47 44 46 46 l ir@totalenergies.com
 <br> @TotalEnergies  <br> TotalEnergies  <br> TotalEnergies  <br> TotalEnergies |
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Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company”or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectlycontrolled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to referto these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separatelegal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-lookinginformation and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatoryenvironment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor anyof its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends containedin this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affectTotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language versionof which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and inthe Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit99.10
| PRESS<br> RELEASE |
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TotalEnergies, number 2 in employee share ownership in Europe,
launchesits annual capital increase reserved for employees
Paris,April 27, 2023 – The Board of Directors of TotalEnergies SE, meeting on April 26, 2023 under the chairmanship of Patrick Pouyanné, Chairman and Chief Executive Officer, confirmed the launch of the capital increased reserved for employees and former employees of the Company for 2023.
On this occasion, the Board welcomed the recent publication of the European Federation of Employee Share Ownership, which shows that TotalEnergies ranks second among European companies for employee share ownership, in terms of the amount of capital held by employees.
The development of employee share ownership is at the heart of TotalEnergies' value share policy as it represents the best way to closely associate employees with its economic performance, strengthen their sense of belonging and align the interests of employees and shareholders. The decision taken in 2015 by the Board of Directors to conduct every year a capital increase reserved for employees with a discount, as opposed to every two years previously, demonstrates this, as does the continuous increase in the scope of the performance share grant, which now concerns more than 11,000 employees each year worldwide.
As of March 31, 2023, more than 65% of the employees were shareholders and held together 7.4% of the Company's share capital, amounting to 10 billion euros, making them TotalEnergies’ largest group of shareholders. They received as such about 700 million euros in dividends in 2022.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in close to 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
 <br>@TotalEnergies  <br>TotalEnergies  <br>TotalEnergies  <br>TotalEnergies |
|---|
Cautionary Note
The program, reserved to eligible employees andretirees of the Company, will be implemented in France as well as in certain foreign countries, including the United States, where theshares offered in the United States will be registered with the Securities and Exchange Commission (SEC). Shares and FCPE units offeredoutside the United States will not be registered with the SEC. In particular, the units of the below-mentioned FCPEs cannot be offered
or sold in the United States directly or indirectly(or in its territories or possessions), or for the benefit of a "U.S. Person", as defined in American regulations. Persons wishingto subscribe to units in these FCPEs, will have to certify, when subscribing, that they are not "U.S. Persons". The definitionof "U.S. Person" is available on the FCPE Management Company's website (www.amundi.com).
This press release is produced for informationpurposes only and does not constitute an offer for the sale or the subscription of securities. Moreover, this press release should notbe distributed in the countries where the offering remains subject to approval of the local authorities.
The offer will be issued only in the countrieswhere the local administrative and regulatory procedures have been implemented (in particular, the registration procedures, notification,granting of authorizations and/or applicable exemptions and the information or the consultation of the representatives of the employees).
This press release represents the document requiredto qualify for the exemption from the requirement to publish a prospectus as defined in Articles 1 4°i) and 5°h) of the Regulation(UE) 2017/1129 of June 14, 2017.
Exhibit 99.11
| PRESS<br> RELEASE |
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**Annual Shareholders’Meeting of May 26, 2023 & Climate:**TotalEnergies adds to the agenda the advisory resolution submittedby a group of shareholders representing less than 1.4% of the capitaland recommends that shareholders reject it
Paris, April 28,2023 – The Board of Directors, meeting on April 26, 2023 under the chairmanship of Patrick Pouyanné, Chairman and Chief Executive Officer, reviewed the documents related to the Ordinary and Extraordinary Meeting of Shareholders of TotalEnergies SE and particularly the request from a group of shareholders representing less than 1.4% of the Company's capital to add an advisory resolution to the agenda of the Annual Shareholders' Meeting. The draft resolution calls on the Company to set targets "aligned with the Paris Climate Agreement" for Scope 3 indirect emissions related to the use of energy products sold to its customers.
The proposed resolution does not provide acredible response to the challenges of climate change and would be contrary to the interests of the Company, its shareholders and itscustomers.
The indirect emissions reported by TotalEnergies under Scope 3 correspond to the direct (Scope 1) emissions of the consumers of these products: the Company's customers, who decide to use the products.
For example, emissions from jet fuel sold by the Company are first recorded in the Scope 1 emissions of the airline that uses the fuel. They are also recorded in the Scope 3 indirect emissions of the aircraft's engine manufacturer, the plane manufacturer, the airport and TotalEnergies. Scope 3 emissions are not cumulative, but overlapping. An absolute reduction target for Scope 3 for a company like TotalEnergies, without reducing the corresponding Scope 1 of energy users, is in reality not relevant in reducing global GHG emissions.
By focusing on indirect emissions of greenhouse gases related to the use of energy products that TotalEnergies sells to its customers (Scope 3), the adoption of this resolution would lead to holding the Company liable for these emissions, whereas the use of these products is the decision of its customers. TotalEnergies does not make airplanes, cars, cement or steel, but rather supplies energy products that are used or converted by other industries to make products and goods. The company therefore cannot be held responsible for the reduction of emissions related to the use of products by its customers
Obviously, TotalEnergies acts to contribute to the transformation of energy demand and thus to help its customers reduce their scope 1. Through its multi-energy strategy, TotalEnergies is adapting its offer to provide a wider range of energy products, including decarbonized products, for example by developing sustainable aviation fuels, and supports its customers in their decarbonization plans. But it is the concerted actions of all the players in the energy value chain that can bring a shift in the way energy is used: through public policies aimed at orienting energy consumption, sectoral initiatives of energy-consuming companies, technical and technological developments, ...
Drastically decreasing TotalEnergies' global Scope 3 emissions in absolute value, without an evolution of the overall structure of energy demand, would lead to a shift of this demand to other suppliers, notably the national oil companies of producing countries. This strategy would have no effect on lowering global greenhouse gas emissions, and therefore no positive impact on climate. The implementation of this strategy would be bad for shareholders as the Company would have to sell its oil and gas product marketing activities to other operators. The strategy would also be counter-productive for TotalEnergies' customers, for whom the Company must ensure a security of energy supply, while supporting them in their own decarbonization journey.
TotalEnergies has a consistent and effective strategy to be a majorplayer in the energy transition
TotalEnergies' Board of Directors notes that it fully exercises its powers in defining the Company's priorities for the energy transition. For the third year in a row, the Board is consulting shareholders with regard to TotalEnergies' ambition for sustainability and the energy transition. The Sustainability & Climate - 2023 Progress Report, which will be submitted to an advisory vote at the next Annual Shareholders' Meeting, describes the implementation of the Company's strategy and the progress made in 2022 towards achieving its climate objectives for 2030. The report also enhances the Company's climate and sustainability ambition, notably by specifying – as pledged by the Company – the 2025 and 2030 targets for the main climate indicators and making a number of these targets more ambitious:
| · | Concerning its Scope 1 &<br>2 emissions over which it has control at its operated facilities, the Company has set a new emissions target in absolute value of below<br>38 Mt CO2e<br>(Scopes 1 & 2) by 2025 compared to 2015, thanks notably to a $1 billion worldwide energy efficiency program for 2023-2024. The Company<br>has also pledged to reduce these emissions by more than 40% by 2030 compared to 2015, in line with the objectives set by countries committed<br>to carbon neutrality by 2050. As a reminder, the Company has already reduced the Scope 1+2 emissions of its Oil & Gas activities by<br>almost 30% between 2015 and 2022. |
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| · | TotalEnergies has strengthened<br>its objective of lowering the lifecycle carbon intensity of the energy mix sold to its customers from -20% to -25% by 2030 in relation<br>to 2015, and -15% by 2025, thereby contributing to the reduction of its customers' scope 1 while selling them the energy they need and<br>ensuring security of energy supply. As a reminder, TotalEnergies has already reduced the carbon intensity of its sales by 12% between<br>2015 and 2022, thanks to the growth in its sales of electricity and gas and the drop in sales of oil products. |
| --- | --- |
TotalEnergies is thus leading its peers in terms of decarbonizing its energies sales.
The proposed resolutionundermines the Company’s good governance
This consultative resolution does not facially infringe on the Board of Directors' powers. However, if adopted, it would introduce some confusion in the governance of the Company since it would lead the Board of Directors to take into account a different strategy from the one it has adopted. Nevertheless, the Board of Directors has decided to add this draft resolution to the agenda of the next Annual Shareholders' Meeting, in the interest of shareholder dialogue, but not to approve it for all of the reasons set out above.
Consequently, the shareholders of TotalEnergiesSE will be invited to vote against the resolution submitted by the above-mentioned group of shareholders and to vote in favor of the resolutionrelating to the Sustainability & Climate - 2023 Progress Report submitted by the Company.
The documents prepared by the Company for the upcoming Annual Shareholders' Meeting will be available on the Company's website. The notice of meeting for the Ordinary and Extraordinary Meeting of Shareholders of May 26, 2023 which will be held at 10:00 a.m. on Friday, May 26, 2023 at Salle Pleyel, 252 rue du Faubourg Saint-Honoré, 75008 Paris, France, will be published in the BALO legal gazette (Bulletin des Annonces Légales Obligatoires) on May 5, 2023.
***
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
| @TotalEnergies | TotalEnergies | TotalEnergies | TotalEnergies |
|---|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergiescompany” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that aredirectly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” mayalso be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholdingare separate legal entities. This document may contain forward-looking information and statements that are based on a number of economicdata and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future andare subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publiclyany forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activitiesis provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE withthe French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United StatesSecurities and Exchange Commission (SEC).